NASDAQ Grants 180-Day Grace Period To GTx Inc. To Comply With Minimum Price Requirement
Apr 2 15
GTx Inc. has received a letter of non-compliance from NASDAQ due to its stock price falling below the $1 minimum bid requirement. The company has received approval from the NASDAQ Stock Market to transfer its listing from the NASDAQ Global Market to the NASDAQ Capital Market. The transfer was made official on March 19, 2015. On April 1, 2015, GTx was granted a 180-day grace period to comply with the $1 minimum price requirement. By September 28, 2015, the company's stock must trade above $1 for 10 consecutive business days. The company also intends to enact a reverse stock split, if necessary to eliminate the price deficiency.
GTX Inc. Proposes to Approve an Amendments to its Restated Certificate of Incorporation
Mar 26 15
GTX Inc. proposed to approve an amendment to company's restated certificate of incorporation to increase the number of authorized shares of company's common stock from 200,000,000 shares to 400,000,000 shares and to approve reverse stock split of GTx's common stock at a reverse stock split ratio ranging from one-for-five (1:5) and one-for-fifteen (1:15), inclusive; a corresponding reduction in the total number of authorized shares of GTx's common stock as illustrated in the tables under the caption of Reverse Stock Split of Common Stock and a Corresponding Reduction in Authorized Shares of Common Stock with the effectiveness of one of such amendments and the abandonment of the other amendments, or the abandonment of all amendments, to be determined by the Board of Directors prior to GTx's 2016 Annual Meeting of Stockholders, at the discretion of the Board of Directors at its AGM to be held on May 6, 2015.
GTx, Inc. Receives Approval From NASDAQ To Transfer Listing Of Common Stock From The NASDAQ Global Market To The NASDAQ Capital Market
Mar 20 15
On March 16, 2015, GTx, Inc. received approval from The NASDAQ Stock Market LLC (NASDAQ) to transfer the listing of the company’s common stock from The NASDAQ Global Market to The NASDAQ Capital Market. This transfer was effective at the opening of business on March 19, 2015. As previously reported, on October 2, 2014, the company received a letter from NASDAQ notifying the company that for the previous 30 consecutive business days, the closing bid price for the company’s common stock was below the minimum $1.00 per share requirement for continued listing on The NASDAQ Global Market, or the Bid Price Requirement. In accordance with NASDAQ listing rules, the company was afforded 180 calendar days, or until March 31, 2015, to regain compliance with the Bid Price Requirement. In anticipation of not meeting the Bid Price Requirement by March 31, 2015, the company transferred the listing of the company’s common stock to The NASDAQ Capital Market, which transfer, was effective at the opening of business on March 19, 2015. The company will request, and the company expects to be afforded on April 1, 2015, an additional 180 calendar day compliance period to regain compliance with the Bid Price Requirement (as applied to listing on The NASDAQ Capital Market); however, this is a forward-looking statement, and there can be no assurance that the company will in fact be afforded an additional 180 calendar day compliance period, in part since NASDAQ retains discretion to not afford the company an additional compliance period irrespective of the company’s meeting the initial listing criteria for listing on The NASDAQ Capital Market, in which case, NASDAQ would provide written notification of the delisting of the company’s common stock. If the company is afforded an additional 180 calendar day compliance period on April 1, 2015, the company will have until September 28, 2015 in order to regain compliance with the Bid Price Requirement. In this regard, the company has provided written notice to NASDAQ of the company’s intention to cure the Bid Price Requirement deficiency during this second 180 calendar day compliance period by effecting a reverse stock split, if necessary. If the company is afforded an additional 180 day compliance period but the company does not regain compliance by September 28, 2015, then NASDAQ would provide written notification of the delisting of the company’s common stock. To regain compliance, the company’s common stock must close at or above the $1.00 minimum bid price for at least 10 consecutive days or more at the discretion of NASDAQ. If the company’s stock becomes subject to delisting, either as a result of the company not being afforded an additional 180 day compliance period or the company’s failure to regain compliance by September 28, 2015, the company may appeal the decision to a NASDAQ Listing Qualifications Panel. In the event of an appeal, the company’s common stock would remain listed on the NASDAQ Capital Market pending a written decision by the Panel following a hearing. In the event that the NASDAQ Listing Qualifications Panel determines not to continue the company’s listing and the company’s common stock is delisted from The NASDAQ Capital Market, the company’s common stock may trade on the OTC Bulletin Board or other small trading markets, such as the pink sheets.