Savara receives non-compliance notice from nasdaq

On november 15, 2019, savara inc. (the “company”) received written notice (the “notice”) from the nasdaq stock market llc (“nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on the nasdaq global select market under nasdaq listing rule 5550(a)(2). in accordance with nasdaq listing rule 5810(c)(3)(a), the company has been provided an initial period of 180 calendar days, or until may 13, 2020, to regain compliance. the notice states that the nasdaq staff will provide written notification that the company has achieved compliance with rule 5550(a)(2) if at any time before may 13, 2020, the bid price of the company’s common stock closes at $1.00 per share or more for a minimum of ten consecutive business days. the notice has no immediate effect on the listing or trading of the company’s common stock and the common stock will continue to trade on the nasdaq global select market under the symbol “svra.” if the company does not regain compliance with rule 5550(a)(2) by may 13, 2020, the company may be eligible for an additional 180 calendar day compliance period. to qualify, 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 global select market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. however, if it appears to the nasdaq staff that the company will not be able to cure the deficiency, or if the company is otherwise not eligible, nasdaq would notify the company that its securities will be subject to delisting. in the event of such a notification, the company may appeal the nasdaq staff’s determination to delist its securities, but there can be no assurance the nasdaq staff would grant any request for continued listing. the company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the company regaining compliance with nasdaq’s minimum bid price rule by may 13, 2020. there can be no assurance that the company will be able to regain compliance with nasdaq’s minimum bid price rule or that the company will otherwise be compliant with the other listing standards for the nasdaq global select market.
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