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KIPS > SEC Filings for KIPS > Form 8-K on 6-Sep-2013All Recent SEC Filings

Show all filings for KIPS BAY MEDICAL, INC.

Form 8-K for KIPS BAY MEDICAL, INC.


6-Sep-2013

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


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

Kips Bay Medical, Inc. (the "Company") received notification letter on September 5, 2013 from the Listing Qualifications Department of The Nasdaq Stock Market indicating that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule") because the closing bid price per share of the Company's common stock has been below $1.00 per share for 30 consecutive trading days. The Nasdaq letter was issued in accordance with standard Nasdaq procedures.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until March 4, 2014, to regain compliance with the Bid Price Rule. To regain compliance with the Bid Price Rule, the closing bid price of the Company's common stock must remain at $1.00 per share or more for a minimum of 10 consecutive trading days.

If the Company is unable to regain compliance by March 4, 2014, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the Bid Price Rule. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, other than the minimum bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period. If the Company does not regain compliance during the initial 180-day compliance period and is not eligible for the second compliance period or fails to regain compliance during the second 180 day compliance period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Company would have an opportunity to appeal the delisting determination to a hearings panel. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with Bid Price Rule.

This notification has no immediate effect on the listing of the Company's common stock at this time.


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