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GNVC > SEC Filings for GNVC > Form 8-K on 24-Aug-2016All Recent SEC Filings

Show all filings for GENVEC INC

Form 8-K for GENVEC INC


24-Aug-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 August 23, 2016, GenVec, Inc. (the "Company") received written notice from the Listing Qualifications Department (the "Staff") of The NASDAQ Stock Market LLC ("NASDAQ") notifying the Company that it is eligible for an additional 180 calendar day period, or until February 21, 2017, to regain compliance with the minimum $1.00 per share bid price requirement set forth in Marketplace Rule 5550(a)(2) for continued listing on The NASDAQ Capital Market. Previously, on February 24, 2016, NASDAQ had notified the Company that it did not meet the minimum bid price requirement for continued listing on The NASDAQ Capital Market, and the Company was given until August 22, 2016 to regain compliance. The August 23, 2016 notification letter has no effect at this time on the listing of the Company's common stock on The NASDAQ Capital Market or trading of the Company's common stock.

The Staff's determination in the August 23, 2016 notice was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The NASDAQ Capital Market with the exception of the minimum bid price requirement, and the Company's written notice to NASDAQ of its intention to regain compliance by effecting a reverse stock split, if necessary. The Company may achieve compliance during this additional 180-day period if the closing bid price of the Company's common stock is at least $1.00 per share for a minimum of 10 consecutive business days before February 21, 2017.

If the Company chooses to implement a reverse stock split in order to regain compliance with the minimum bid price requirement, the Company must complete the split no later than 10 business days prior to February 21, 2017 in order to timely regain compliance. If the Company does not regain compliance by February 21, 2017, the Staff indicated that it will provide written notification to the Company that its common stock will be delisted. At that time, the Company may appeal the Staff's delisting determination to a NASDAQ Hearings Panel ("Panel"). The Company's common stock would remain listed pending the Panel's decision. There can be no assurance that, if the Company does appeal any delisting determination by the Staff to the Panel, that such appeal would be successful.

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