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PTX > SEC Filings for PTX > Form 8-K on 28-Feb-2014All Recent SEC Filings

Show all filings for PERNIX THERAPEUTICS HOLDINGS, INC.

Form 8-K for PERNIX THERAPEUTICS HOLDINGS, INC.


28-Feb-2014

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 List

On February 26, 2014, Pernix Therapeutics Holdings, Inc. (the "Company") received a notification letter from the Nasdaq Listing Qualifications Department ("NASDAQ") stating that, as a result of the resignations of Cooper C. Collins, James E. Smith, Jr. and Anthem Blanchard from the Company's Board of Directors and Audit Committee on February 21, 2014 (as previously disclosed by the Company in a press release issued on February 24, 2014 and in a Current Report on Form 8-K filed on February 26, 2014), the Company no longer complied with either the requirement that the Company's Audit Committee have three independent members or the requirement that a majority of the Company's Board of Directors be independent, as set forth in NASDAQ Listing Rules 5605(c)(2) and 5605(b)(1), respectively.

Under applicable NASDAQ Listing Rules, the Company has 45 calendar days to submit to NASDAQ a plan to regain compliance with NASDAQ Listing Rules 5605(b)(1) and 5605(c)(2). Upon acceptance of the Company's compliance plan, NASDAQ may grant the Company an extension of up to 180 calendar days from the date of the notification letter to evidence compliance with these rules.

The Company is actively pursuing independent director candidates and expects to fill the vacancies created by these resignations as soon as practicable. The Company intends to submit its plan to NASDAQ and take appropriate steps to regain compliance in the time allowed by NASDAQ.


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