Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
As previously disclosed, on June 6, 2023, PolarityTE, Inc. (the "Company") and
certain of its subsidiaries (collectively, the "Debtors") filed voluntary
petitions for relief (the "Chapter 11 Cases") under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the District of Utah (the
"Bankruptcy Court") under the captions In re PolarityTE, Inc., a Delaware
corporation (Case No. 23-bk-22358-KRA) (Bankr. D. Utah), In re PolarityTE, MD
Inc., a Nevada corporation (Case No. 23-bk-22360-KRA) (Bankr. D. Utah), and In
re PolarityTE, Inc., a Nevada corporation(Case No. 23-bk-22361-KRA) (Bankr. D.
Utah) (collectively, the "Chapter 11 Cases"). The Debtors have filed a motion
with the Bankruptcy Court seeking joint administration under the caption In re
PolarityTE, Inc., a Delaware corporation (Case No. 23-bk-22358-KRA) (Bankr. D.
Utah).
On June 7, 2023, the Company received written notice (the "Delisting Notice")
from the staff of the Listing Qualifications Department (the "Staff") of the
Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, as a result of
the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b),
and IM-5101-1, Nasdaq had determined that the Company's common stock will be
delisted from Nasdaq. The Company does not intend to appeal this determination.
In addition, as previously disclosed, on October 26, 2022, the Company received
a deficiency letter (the "Bid Price Notice") from the Staff notifying the
Company that the Company was not in compliance with 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 the Delisting Notice, the staff of Nasdaq referenced concerns
about the Company's ability to sustain compliance with all requirements for
continued listing on Nasdaq, specifically referencing the Bid Price Notice.
Trading of the Company's common stock will be suspended at the opening of
business on June 16, 2023.
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