re: $AKRX Item 3.01Notice of Delisting or Failu
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Posted On: 06/03/2020 8:21:48 PM
re: $AKRX
Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.On May 21, 2020, the Company received a notification letter (the “Letter”) from the listing qualifications department staff (the “Staff”) of theNasdaq Stock Market (“Nasdaq”) indicating that, as a result of the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined that the Company’s common stock will be delisted from Nasdaq. The Letter stated that the Staff’s determination was basedon: (i) the filing of the Chapter 11 Cases and associated public interest concerns raised by such Chapter 11 Cases; (ii) concerns regarding the residual equityinterest of the existing listed securities holders; and (iii) concerns about the Company’s ability to sustain compliance with all requirements of continuedlisting on Nasdaq. As previously disclosed, on April 27, 2020, Staff notified the Company that the closing bid price of its common stock had closed below $1per share for 30 consecutive trading days, and accordingly, that it did not comply with Nasdaq Listing Rule 5450(a)(1).Accordingly, unless the Company requests an appeal of this determination, trading of the common stock will be suspended at the opening of business on June 1, 2020 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s common stock from listing and registration on Nasdaq.The Company does not intend to appeal the determination and, therefore, it is expected that the common stock will be delisted. The Company expects that the trading of its common stock on the Pink Open Market operated by OTC Markets Group Inc. will commence on June 1, 2020 under the symbol “AKRXQ.” The transition does not affect the Company Parties’ operations and does not change reporting requirements under SEC rules.
Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.On May 21, 2020, the Company received a notification letter (the “Letter”) from the listing qualifications department staff (the “Staff”) of theNasdaq Stock Market (“Nasdaq”) indicating that, as a result of the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq has determined that the Company’s common stock will be delisted from Nasdaq. The Letter stated that the Staff’s determination was basedon: (i) the filing of the Chapter 11 Cases and associated public interest concerns raised by such Chapter 11 Cases; (ii) concerns regarding the residual equityinterest of the existing listed securities holders; and (iii) concerns about the Company’s ability to sustain compliance with all requirements of continuedlisting on Nasdaq. As previously disclosed, on April 27, 2020, Staff notified the Company that the closing bid price of its common stock had closed below $1per share for 30 consecutive trading days, and accordingly, that it did not comply with Nasdaq Listing Rule 5450(a)(1).Accordingly, unless the Company requests an appeal of this determination, trading of the common stock will be suspended at the opening of business on June 1, 2020 and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s common stock from listing and registration on Nasdaq.The Company does not intend to appeal the determination and, therefore, it is expected that the common stock will be delisted. The Company expects that the trading of its common stock on the Pink Open Market operated by OTC Markets Group Inc. will commence on June 1, 2020 under the symbol “AKRXQ.” The transition does not affect the Company Parties’ operations and does not change reporting requirements under SEC rules.
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