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MELA > SEC Filings for MELA > Form 8-K on 28-Aug-2013All Recent SEC Filings

Show all filings for MELA SCIENCES, INC. /NY



Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Sta

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

On August 22, 2013, The NASDAQ Stock Market ("Nasdaq) notified MELA Sciences, Inc. (the "Company") that for the previous 30 consecutive business days, the Company was not in compliance with Rule 5550(a)(2) of the Nasdaq Listing Rules. Rule 5550(a)(2) requires the Company's common stock to maintain a minimum bid price of $1.00 per share. Therefore, under Nasdaq's continued listing requirements, a deficiency existed. The notification has no immediate effect on the listing of the Company's common stock.

Rule 5810(c)(3)(A) of the Nasdaq Listing Rules provides the Company with a grace period of 180 calendar days, ending February 18, 2014, during which it may regain compliance with the minimum bid price requirement. If before February 18, 2014, the closing bid price of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, the Company will return to compliance. If the Company does not achieve compliance by that date, then Nasdaq will notify the Company that its common stock is subject to delisting.

In the event the Company becomes subject to delisting, Nasdaq may, in its discretion and assuming the Company can meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, at that time, grant the Company an additional 180 days in which to regain compliance, otherwise the Company may appeal the delisting determination to a Nasdaq Hearings Panel. The Company will monitor the closing bid price of its common stock and will consider various possible options if it does not appear that it will return to compliance within the applicable grace period.

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