Apricus Biosciences receives Nasdaq notice of non-compliance
Apricus Biosciences announced that on November 30, 2016, the company received notice from the Nasdaq Listing Qualifications Staff that due to the company's non-compliance with the $35M market value of listed securities, or MVLS, requirement, the company was subject to delisting unless it timely requests a hearing before the Nasdaq Hearings Panel. The company intends to timely request a hearing before the Panel, which request will stay any delisting action by the Staff, pending the Panel's decision. At the hearing, the company will present its plan to regain compliance with the MVLS requirement within the 180-day discretionary period available to the Panel, ending May 29, 2017. In accordance with the Nasdaq Listing Rules, the company was previously granted a 180-calendar day period within which to regain compliance with the MVLS requirement, through November 29, 2016. In order to demonstrate compliance with the MVLS requirement, the company's MVLS must close at $35M or more for a minimum of 10 consecutive business days. The company is working on its plan to regain compliance with all applicable requirements for continued listing on Nasdaq; however, there can be no assurance that it will be able to timely do so.