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GNVC > SEC Filings for GNVC > Form 8-K on 26-Feb-2016All Recent SEC Filings

Show all filings for GENVEC INC

Form 8-K for GENVEC INC


26-Feb-2016

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transf


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

On February 24, 2016, GenVec, Inc. (the "Company") received notification from The NASDAQ Stock Market LLC ("NASDAQ") that the minimum bid price of the Company's common stock had remained below $1.00 per share for 30 consecutive business days, and that the Company was therefore not in compliance with the minimum bid price requirement for continued listing set forth in Marketplace Rule 5550(a)(2).

The notification letter states that the Company will be afforded 180 calendar days, or until August 22, 2016, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for at least ten consecutive business days. NASDAQ may, in its discretion, require the Company's common stock to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance.

If the Company does not regain compliance by August 22, 2016, but meets the continued listing requirement for market value of publicly held shares ($1 million) and all other applicable standards for initial listing on the NASDAQ Capital Market (with the exception of the minimum bid price requirement), the Company may be afforded a second 180 calendar day grace period. In addition, the Company also would be required to provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period, and it must appear to NASDAQ that it is possible for the Company to cure the deficiency. If the Company is not eligible for the additional 180-day compliance period, NASDAQ will provide written notice that the Company's securities will be delisted. At that time, the Company may appeal the delisting determination to an independent Hearings Panel authorized by the NASDAQ Board of Directors.

The Company intends to actively monitor the bid price for its common stock between now and August 22, 2016, and will consider available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement. However, there is no assurance that the Company will be eligible for an additional compliance period or that its common stock will not be delisted.

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