Item 8.01 Other Events.
On June 16, 2023, Minerva Neurosciences, Inc. (the "Company") received written
notice (the "Compliance Notice") from The Nasdaq Stock Market LLC ("Nasdaq")
informing the Company that it has regained compliance with Nasdaq Listing
Rule 5550(b)(2) (the "Rule") which requires that companies listed on The Nasdaq
Capital Market maintain a minimum Market Value of Listed Securities, as defined
by Nasdaq ("MVLS"), of $35 million or greater. The Company's securities will
continue to be listed and traded on Nasdaq.
As previously reported, on December 1, 2022, the Company received written notice
from Nasdaq notifying the Company that for the previous 30 consecutive business
days, the Company's MVLS had been below the $35 million minimum required for
continued listing on The Nasdaq Capital Market pursuant to the Rule. To regain
compliance, the Company was required to maintain an MVLS of $35 million or
greater for a minimum of ten consecutive business days. The Company had until
May 30, 2023 to regain compliance with the Rule.
Also as previously reported, on May 31, 2023, the Company received a second
written notice from Nasdaq indicating that, based upon the Company's
continued non-compliance with the Rule, the staff of Nasdaq had determined to
delist the Company's securities from The Nasdaq Capital Market unless the
Company timely requests a hearing before a Nasdaq Hearings Panel (the "Panel").
The Company timely requested a hearing before the Panel. Subsequently, the
Company's MVLS had been $35 million or greater for ten consecutive business
days.
Nasdaq notified the Company in the Compliance Notice that the Nasdaq Listing
Qualifications staff had determined that the Company has regained compliance
with the Rule, and that the Company is therefore in compliance with The Nasdaq
Capital Market's listing requirements. Consequently, the scheduled hearing
before the Panel has been cancelled.
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