Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on September 6, 2022, Benitec Biopharma Inc. (the
"Company") received a letter (the "Notice Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market ("Nasdaq") notifying the
Company that the minimum bid price per share for its common stock fell below
$1.00 for a period of 30 consecutive business days and that therefore the
Company did not meet the minimum bid price requirement (the "Bid Price Rule")
set forth in Nasdaq Listing Rule 5550(a)(2). The Notice Letter stated that the
Company had 180 calendar days, or until March 6, 2023, to regain compliance with
the Bid Price Rule by maintaining a minimum closing bid price of at least $1.00
for a minimum of 10 consecutive business days at any time during the 180-day
period.
On March 7, 2023, Nasdaq notified the Company in writing that while the Company
had not regained compliance with the Bid Price Rule, it was eligible for an
additional 180 calendar day period, or until September 5, 2023, to regain
compliance with the Bid Price Rule. Nasdaq's determination was based on the
Company having met the continued listing requirement for market value of
publicly held shares and all other applicable requirements for initial listing
on The Nasdaq Capital Market, with the exception of the Bid Price Rule, and on
the Company's written notice to Nasdaq of its intention to cure the deficiency
during the second compliance period by effecting a reverse stock split, if
necessary. If at any time during this additional time period the closing bid
price of the Company's common stock is at least $1.00 per share for a minimum of
10 consecutive business days, Nasdaq will provide written confirmation of
compliance and the matter will be closed.
If the Company does not regain compliance by September 5, 2023, then Nasdaq will
provide written notification that the Company's common stock will be delisted,
at which point the Company may appeal Nasdaq's determination to a Hearings
Panel. The Company would remain listed on Nasdaq pending the Hearings Panel's
decision. 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.
The Company intends to continue to monitor the closing bid price of its common
stock and may, if appropriate, consider implementing available options to regain
compliance with the minimum bid price requirement, including the implementation
of a reverse stock split, if necessary.
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