Biostage Inc (NASDAQ:BSTG) reported that the firm obtained written notification from the “NASDAQ” suggesting that the NASDAQ Hearings Panel has decided to delist the firm’s common stock from the NASDAQ platform, effective with the start of business on October 6, 2017.
As previously reported, on November 18, 2016, Biostage obtained a notice from NASDAQ suggesting it was not in acquiescence with NASDAQ’s minimum bid price condition, and on May 22, 2017, NASDAQ informed the firm that based noncompliance with that guideline and with the minimum stockholders’ equity requirement of $2.5 million, the firm’s common equity would be subject to delisting.
The firm requested a meeting with the Panel and, on July 10, 2017, the firm reported that the Panel granted the Biostage’s request for continued listing contingent on a number of conditions, with the Panel’s conclusion ultimately needing that the firm evidence full compliance with all guidelines for continued listing on the platform by no later than November 13, 2017. It determined that as an outcome of the events stated below, the firm failed to regain compliance with the NASDAQ listing standards by the deadline given by NASDAQ, and on October 4, 2017 the firm withdrew its request from the Panel.
The firm has been stated by OTC Markets Group Inc. that its stock will be immediately entitled for trading on the OTCQB platform effective with the start of business on October 6, 2017. The firm’s common stock will continue to list under the symbol “BSTG”.
As previously reported in the Form 8-K filed by Biostage on August 17, 2017, the firm finalized a Securities Purchase Agreement with First Pecos, LLC on August 11, 2017, pursuant to which the firm agreed to sell to Pecos, and vice versa, shares of the firm’s common stock, warrants and preferred stock for a total purchase price of $3.055 million. As of October 6, 2017, the firm has not obtained the Purchase Price from Pecos.
Last week, the firm delivered a notice to Pecos and its manager, mentioning that Pecos is in violation of the Purchase Agreement as an outcome of its failure to offer the Purchase Price to the firm following satisfaction of all closing terms in the Purchase Agreement.
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