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IMUC > SEC Filings for IMUC > Form 8-K on 1-Sep-2016All Recent SEC Filings




Notice of Delisting or Failure to Satisfy a Continued Listing R

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

On August 31, 2016, ImmunoCellular Therapeutics, Ltd. (the "Company") received a notice (the "Notice") from NYSE MKT LLC (the "Exchange") that the Company does not meet the continued listing standards set forth in Part 10 of the NYSE MKT Company Guide (the "Company Guide"). Specifically, the Notice states that the Company's most recent thirty-day average selling price per share of $0.16 may not be suitable for auction market trading due to its low selling price. Therefore, in accordance with Section 1003(f)(v) of the Company Guide, the Exchange has deemed it appropriate for the Company to effect a reverse stock split.

The Notice states that if the Company does not address its low selling price within a reasonable amount of time, the Company will become subject to the continued listing evaluation and follow-up procedures set forth in Section 1009 of the Company Guide, which could, among other things, result in the initiation of delisting proceedings. Additionally, the Notice states that the Exchange can take accelerated delisting action in the event that the Company's common stock and/or warrants trade at levels viewed to be abnormally low.

The Company is currently reviewing the deficiency identified in the Notice and has begun the process of preparing a plan of compliance. The Company is considering the option of seeking approval of an amendment to the Company's certificate of incorporation, which would authorize a reverse stock split, at a Special Meeting of Stockholders.

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