Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing.
On December 19, 2019, Heat Biologics, Inc. (the "Company") received a written
notice (the "Notice") from the Listing Qualifications department of The Nasdaq
Stock Market ("NASDAQ") that the Company had been granted an additional 180
calendar days, or until June 15, 2020, to regain compliance with the minimum
$1.00 bid price per share requirement of the Listing Rules of Nasdaq (the
"Minimum Bid Price Requirement") as required by NASDAQ Listing Rule 5550(a)(2)
for continued listing on The Nasdaq Capital Market.
As previously disclosed by the Company on that certain Current Report on Form
8-K filed on June 21, 2019 with the U.S. Securities and Exchange Commission (the
"SEC"), on June 21, 2019, the Company received a written notice (the "Initial
Notice") from the Listing Qualifications department of NASDAQ indicating that
the Company was not in compliance with the Minimum Bid Price Requirement as
required by NASDAQ Listing Rule 5550(a)(2). The Initial Notice provided the
Company 180 calendar days, or until December 18, 2019, to regain compliance with
NASDAQ Listing Rule 5550(a)(2).
The Staff of the SEC further stated in the Notice that its determination to
grant an extension 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
of its intention to cure the deficiency during the second compliance period by
effecting a reverse stock split, if necessary. The Notice also stated that if
at any time during this additional time period 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, the Staff will provide written confirmation of
compliance and this matter will be closed. If, however, compliance cannot be
demonstrated by June 15, 2020, the Staff will provide written notification that
the Company's common stock will be delisted from The Nasdaq Capital Market.
The Notice has no immediate effect on the listing or trading of the Company's
common stock and the common stock will continue to trade on The NASDAQ Capital
Market under the symbol "HTBX."
The Company intends to actively monitor the bid price of its common stock and
will consider available options to regain compliance with the NASDAQ listing
requirements, including such actions as effecting a reverse stock split to
maintain its NASDAQ listing.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses