Adamis pharmaceuticals receives non-compliance notice from nasdaq

On october 11, 2019, adamis pharmaceuticals corporation (company) received a notice from the listing qualifications department of the nasdaq stock market (nasdaq) notifying the company that for 30 consecutive business days, the closing bid price of the company’s common stock was below $1.00 per share, which is the minimum required closing bid price for continued listing on the nasdaq capital market pursuant to marketplace rule 5550(a)(2). this notice has no immediate effect on the company’s nasdaq listing or the trading of its common stock. in accordance with nasdaq marketplace rule and 5810(c)(3)(a), the company has a period of 180 calendar days from the date of notification, or until april 8, 2020, to regain compliance. if at any time before april 8, 2020, the bid price of the company’s common stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, nasdaq will provide written notification that the company has achieved compliance with the minimum bid price requirement, and the matter would be resolved. the notice letter also disclosed that if the company does not regain compliance within the initial compliance period, it may be eligible for an additional 180-day compliance period. to qualify for additional time, the company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the nasdaq capital market, with the exception of the bid price requirement, and would need to provide written notice of a plan to cure the deficiency during the second compliance period. if the company meets these requirements, nasdaq will inform the company that it has been granted an additional 180 calendar days to regain compliance. however, if it appears to the staff of nasdaq that the company will not be able to cure the deficiency, or if the company is otherwise not eligible, the staff would notify the company that it will not be granted additional 180 days for compliance and will be subject to delisting at that time. in the event of such notification, the company may appeal the staff’s determination to delist its securities. there are no assurances that the company will be able to regain compliance with the minimum bid price requirements or will otherwise be in compliance with other nasdaq listing rules. the company intends to monitor the closing bid price for its common stock and will consider available strategies in an effort to satisfy the minimum bid price requirement.
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