Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On May 23, 2024, the Company received a notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it no longer complied with the $2,500,000 minimum stockholders' equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1) (the "Stockholders' Equity Requirement"), because the Company's stockholders' equity as reported in its Form 10-Q for the period ended March 31, 2024 did not meet the required minimum, and as of the date of the Notice, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations (together with the Stockholders' Equity Requirement, the "Listing Rule"). On July 18, 2024, the Company received notice from Nasdaq granting its request for an extension of time to regain compliance with the Stockholders' Equity Requirement until November 19, 2024.
On November 18, 2024, the Company received a notice from Nasdaq notifying the Company that, based on its Form 10-Q for the period ended September 30, 2024, evidencing stockholders' equity of $8,503,876, the Nasdaq staff determined that the Company complies with the Listing Rule and this matter is now closed.