お知らせ • Sep 20
Aravive Receives Letters from Nasdaq Regarding Non-Compliance with Minimum Market Value of its Listed Securities, Minimum Market Value of its Publicly Held Shares, and Minimum Closing Bid Price Requirement
On September 15, 2023, Aravive, Inc. received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that for the preceding 30 consecutive business days (August 3, 2023 through September 14, 2023), the market value of the Company's listed securities did not maintain a minimum market value of $50,000,000 as required by Nasdaq Listing Rule 5450(b)(2)(A). The notification received has no immediate effect on the Company's continued listing on the Nasdaq Global Market, subject to the Company's compliance with the other continued listing requirements. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a compliance period of 180 calendar days, or until March 13, 2024, to regain compliance with Nasdaq Listing Rule 5450(b)(2)(A). Compliance may be achieved if the Company's MVLS closes at $50,000,000 or more for a minimum of ten consecutive business days at any time during the 180-day compliance period, in which case Nasdaq will notify the Company of its compliance and the matter will be closed. If the Company does not regain compliance with the Minimum MVLS Requirement by March 13, 2024, Nasdaq will provide written notification to the Company that its common stock is subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful. In such event, the Company may also seek to apply for a transfer to The Nasdaq Capital Market if it meets the requirements for continued listing thereon. On September 15, 2023, the Company also received a letter from Nasdaq notifying the Company that for the preceding 30 consecutive business days (August 3, 2023 through September 14, 2023), the market value of the Company's publicly held shares (MVPHS") did not maintain a minimum market value of $15,000,000 (the Minimum MVPHS Requirement") as required by Nasdaq Listing Rule 5450(b)(2)(C). The notification received has no immediate effect on the Company's continued listing on the Nasdaq Global Market, subject to the Company's compliance with the other continued listing requirements. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has a compliance period of 180 calendar days, or until March 13, 2024, to regain compliance with Nasdaq Listing Rule 5450(b)(2)(C). Compliance may be achieved if the Company's MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days at any time during the 180-day compliance period, in which case Nasdaq will notify the Company of its compliance and the matter will be closed. If the Company does not regain compliance with the Minimum MVPHS Requirement by March 13, 2024, Nasdaq will provide written notification to the Company that its common stock is subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful. In such event, the Company may also seek to apply for a transfer to The Nasdaq Capital Market if it meets the requirements for continued listing thereon.