Cyclo Therapeutics Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

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Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

 

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

 

On October 4, 2024, Cyclo Therapeutics, Inc. (the "Company”) received two letters from The Nasdaq Stock Market ("Nasdaq”) stating that the Company was not in compliance with (1) Nasdaq Listing Rule 5550(a)(2) for failing to maintain a closing bid price of no less than $1.00 per share for 30 consecutive trading days, (2) Nasdaq Listing Rule 5550(b)(1) because the stockholders’ equity of the Company was below the minimum requirement of $2.5 million, (3) Nasdaq Listing Rule 5550(b)(2) for failing to maintain a minimum Market Value of Listed Securities of $35 million, and (4) Nasdaq Listing Rule 5550(b)(3) for failing to maintain net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.

 

Pursuant to the Nasdaq Listing Rules, the Company has 180 calendar days (until April 2, 2025) to regain compliance with the Nasdaq Listing Rules.

 

In the event the Company does not regain compliance with Nasdaq Listing Rule 5550(a)(2) prior to the expiration of the compliance period, the Company may be granted an additional 180 calendar days to regain compliance, subject to certain conditions. In the event the Company does not regain compliance with Nasdaq Listing Rule 5550(b)(2) prior to the expiration of the compliance period, the Company will receive written notification from Nasdaq that its securities are subject to delisting.

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.