Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 27, 2020, Streamline Health Solutions, Inc. (the "Company") received a
notice (the "Notice") from the Listing Qualifications Staff (the "Staff") of The
Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the closing bid
price for its common stock had been below $1.00 for the last 30 consecutive
business days and that the Company therefore is not in compliance with the
minimum bid price requirement for continued inclusion on The Nasdaq Capital
Market under Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect
on the listing of the Company's common stock, and its common stock will continue
to trade on The Nasdaq Capital Market under the symbol "STRM" at this time.
Given the extraordinary market conditions, Nasdaq has determined to toll the
compliance periods for the bid price and market value of publicly held shares
requirements (collectively, the "Price-based Requirements") through June 30,
2020 (the "Tolling Period"). In that regard, on April 16, 2020, Nasdaq filed an
immediately effective rule change with the Securities and Exchange Commission.
As a result, the compliance periods for the Price-based Requirements will be
reinstated on July 1, 2020.
The Company may regain compliance with the minimum bid price requirement during
the Tolling Period or, in accordance with Listing Rule 5810(c)(3)(A), during the
180 calendar day period from July 1, 2020 to December 28, 2020. To regain
compliance, the closing bid price of the Company's common stock must meet or
exceed $1.00 per share for a minimum of ten consecutive business days during the
Tolling Period or the 180 calendar day period, and in such case, the Staff will
provide the Company with written confirmation of compliance and the matter will
be closed.
If the Company is not in compliance by December 28, 2020, the Company may be
eligible for additional time to regain compliance. To qualify, the Company would
be required to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the minimum bid price requirement, and
will need to provide written notice of its intention to cure the deficiency
during the second compliance period. If the Company meets these requirements, it
will be informed by the Staff that it has been granted an additional 180
calendar days to regain compliance. However, if it appears to the Staff that the
Company will not be able to cure the deficiency, or if the Company is otherwise
not eligible, the Staff will provide notice that the Company's common stock will
be subject to delisting. At that time, the Company may appeal the Staff's
delisting determination to a Nasdaq Hearings Panel.
The Company intends to monitor the closing bid price of its common stock and
consider its available options to resolve the noncompliance with the minimum bid
price requirement. While the Company believes it will regain compliance with the
minimum bid price requirement, there can be no assurance that the Company will
be able to regain compliance with the minimum bid price requirement or will
otherwise be in compliance with other Nasdaq listing criteria.
© Edgar Online, source Glimpses