Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, on October 26, 2022, PolarityTE, Inc. (the "Company")
received a deficiency letter from the staff of the Listing Qualifications
Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying the
Company that the Company did not meet the $1.00 per share minimum bid price
requirement for continued inclusion on the Nasdaq Capital Market pursuant to
Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an
initial period of 180 calendar days to regain compliance with the Minimum Bid
Price Requirement, which ended April 24, 2023. On April 26, 2023, the Company
received an additional notice from the Staff (the "April Notice") stating that,
although the Company had not regained compliance with the Minimum Bid Price Rule
by April 24, 2023, the Staff determined in accordance with Nasdaq Listing Rule
5810(c)(3)(A) that the Company is eligible for an extension of 180 calendar days
until October 23, 2023, to regain compliance with the Minimum Bid Price Rule. To
regain compliance, the bid price for the Company's common stock must close at
$1.00 per share or more for a minimum of 10 consecutive business days.
The April Notice has no effect on the listing or trading of the Company's common
stock at this time, and the Company is currently evaluating its alternatives to
resolve this listing deficiency, including, if necessary and subject to the
approval of its board of directors and stockholders, implementing a reverse
stock split.
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