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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 25, 2023, Nabriva Therapeutics plc (the “Company”) received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Rule”) because the stockholders’ equity (deficit) of the Company of $(4,357,000) as of March 31, 2023, as reported in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, was below the minimum stockholders’ equity requirement of $2,500,000. As of the date of this Current Report on Form 8-K, the Company does not meet the alternative standards for continuing listing on The Nasdaq Capital Market, as it does not have a market value of listed securities of $35 million or more or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.
Nasdaq’s letter has no immediate impact on the Company’s continued listing on The Nasdaq Capital Market, subject to the Company’s compliance with the other continued listing requirements. Pursuant to Nasdaq’s Listing Rules, the Company has 45 calendar days, or until July 10, 2023, to submit a plan to regain compliance. If the plan is accepted, the Company can be granted an extension of up to 180 calendar days from May 25, 2023 to regain compliance with the Rule. There can be no assurance that the Company will be able to regain compliance with all applicable continued listing requirements or that its plan will be accepted by Nasdaq. In the event the plan is not accepted by Nasdaq, or in the event the plan is accepted but the Company fails to regain compliance within the extension period, the Company will have the right to a hearing before Nasdaq’s Hearing Panel.
The Company is currently evaluating its available options to resolve the deficiency and regain compliance with the Nasdaq minimum stockholders’ equity requirement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NABRIVA THERAPEUTICS PLC | ||
Date: June 1, 2023 | By: | /s/ J. Christopher Naftzger |
J. Christopher Naftzger | ||
Interim Chief Executive Officer |