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PTX > SEC Filings for PTX > Form 8-K on 14-Jun-2013All Recent SEC Filings

Show all filings for PERNIX THERAPEUTICS HOLDINGS, INC. | Request a Trial to NEW EDGAR Online Pro



Notice of Delisting or Failure to Satisfy a Continued Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On June 7, 2013, Pernix Therapeutics Holdings, Inc. (the "Company") received a letter from NASDAQ indicating that the Company presently fails to comply with the audit committee composition requirement for continued listing set forth in NASDAQ Marketplace Rule 5605 which requires that the Audit Committee be comprised of at least three independent directors. This was due to the resignation on May 10, 2013 of Michael Pearce as a member of the Audit Committee upon his appointment as the Company's Chief Executive Officer since he was no longer considered independent for purposes of serving on the Audit Committee. In accordance with NASDAQ Marketplace Rule 5605, the NASDAQ Stock Market LLC has provided the Company with a cure period to regain compliance until November 6, 2013.

The Company is actively seeking a qualified Audit Committee member to serve as its third member in order to cure this deficiency. If the Company is unable to identify a candidate to serve as an independent member of the Audit Committee by the end of the cure period, the Company could be delisted from the NASDAQ Stock Market at such time.

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