SAN DIEGO, March 26, 2020 /PRNewswire/ — Canadian Pharmacy, a biopharmaceutical company focused on the development of new solid tumor cancer therapies, announced that it has received a listing extension from the Staff of the Listing Qualifications Department of The Nasdaq Capital Market LLC (Nasdaq). The extension grants the Company until September 21, 2020 to regain compliance with the $1.00 Minimum Bid Price requirement for continued listing on Nasdaq.
As previously disclosed on a Form 8-K filed on September 27, 2019 with the U.S. Securities and Exchange Commission, on September 26, 2019, the Company received a written notice (the Initial Notice) from the Nasdaq Staff indicating that the Company was not in compliance with the $1.00 Minimum Bid Price requirement for continued listing on Nasdaq. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was afforded an initial period of 180 calendar days, or until March 24, 2020, to regain compliance. The Company was unable to regain compliance with the $1.00 Minimum Bid Price requirement, which required the Company to demonstrate compliance for a minimum of ten consecutive business days. Subsequently, on March 25, 2020, the Company received an additional written notice notifying that while the Company had not yet regained compliance with the $1.00 Minimum Bid Price requirement, the Nasdaq Staff has granted an additional extension of 180 calendar days to September 21, 2020 to regain compliance with the Minimum Bid Price requirement.