お知らせ • Nov 14
Eiger BioPharmaceuticals Receives Deficiency Letter from Nasdaq Regarding No Longer Satisfies the $10 Million Stockholders’ Equity Requirement for Continued Listing on The Nasdaq Global Market
On November 10, 2023, Eiger BioPharmaceuticals, Inc. (‘Eiger’) received a deficiency letter from the Listing Qualifications Department (the ‘Staff’) of The Nasdaq Stock Market LLC (‘Nasdaq’) notifying Eiger that it no longer satisfies the $10 million stockholders’ equity requirement for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(1)(A), or the alternatives to that requirement - a $50 million market value of listed securities or $50 million in net income in the most recent fiscal year or two of the last three fiscal years - as required by Nasdaq Listing Rule 5450(b) (the ‘Equity Requirement’). As with the Bid Price Deficiency Letter, the Staff’s notification has no immediate effect on Eiger’s continued listing on The Nasdaq Global Market, and Eiger’s Common Stock will continue to trade on Nasdaq under the symbol ‘EIGR’ at this time. In accordance with the Nasdaq Listing Rules, Eiger was provided 45 calendar days, or until December 26, 2023, to submit a plan to regain compliance with the Equity Requirement (the ‘Compliance Plan’). If the Compliance Plan is accepted, the Staff has the discretion to grant Eiger an extension of up to 180 calendar days from the date of the Staff’s notice, or May 8, 2024, to regain compliance with the Equity Requirement. If the Staff does not accept the Compliance Plan, the Staff will provide written notification to Eiger that the Compliance Plan has been rejected, which determination may be appealed to a Nasdaq Hearings Panel (the ‘Panel’). The request for a hearing would stay any further action by the Staff at least pending a hearing before the Panel and the expiration of any extension period that the Panel may grant to Eiger following the hearing. Eiger plans to timely submit the Compliance Plan for the Staff’s review, to monitor its stockholders’ equity, and to otherwise consider all available options to regain compliance with the Equity Requirement. However, there can be no assurance that Eiger will be able to regain compliance with the Equity Requirement. The notification is separate from, and in addition to, the previously disclosed deficiency letter (the ‘Bid Price Deficiency Letter’) that Eiger received from the Staff on July 26, 2023, notifying Eiger that, for the last 30 consecutive business days, the bid price for Eiger’s common stock, par value $0.001 per share (the ‘Common Stock’), closed below the $1.00 per share minimum bid price requirement for continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the ‘Bid Price Requirement’). As previously disclosed, Eiger was provided 180 calendar days to regain compliance with the Bid Price Requirement, or until January 22, 2024 (the ‘Compliance Date’). If Eiger does not regain compliance with the Bid Price Requirement by the Compliance Date, Eiger does not currently believe it would be eligible for an additional 180 calendar day compliance period due to its current inability to meet the Equity Requirement. To qualify for an additional 180 calendar day compliance period, Eiger would be required to meet the continued listing requirement for market value of its publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Bid Price Requirement, including the $5 million stockholders’ equity requirement for initial listing. If Eiger is not eligible for an additional compliance period at that time, or the Staff concludes that Eiger will not be able to cure the deficiency during the additional compliance period, the Staff will provide written notification to Eiger that its Common Stock will be subject to delisting. At that time, Eiger may appeal the Staff’s delisting determination to a Nasdaq Hearings Panel. However, there can be no assurance that such appeal would be successful.