KemPharm granted extension to comply with Nasdaq listing requirement
KemPharm announced that it received notice from the Nasdaq Listing Qualifications Panel of The Nasdaq Stock Market LLC that it has granted the Company's request to transfer its listing from The Nasdaq Global Market to The Nasdaq Capital Market effective today, January 15, 2020. Further, the Hearings Panel has also granted the Company an extension until May 13, 2020, to regain compliance with the Market Value of Listed Securities continued listing requirement of The Nasdaq Capital Market, conditioned upon achievement of certain milestones included in a plan of compliance which the Company previously submitted to the Hearings Panel. Previously, on May 17, 2019, the Company received notice from the Nasdaq Listing Qualification Department that the Company was not in compliance with the continued listing requirement of The Nasdaq Global Market to maintain a minimum MVLS of $50,000,000. By transferring the Company's common stock listing to The Nasdaq Capital Market, the Company will regain compliance with the MVLS continued listing requirement of The Nasdaq Capital Market by reaching a minimum MVLS of $35,000,000 for a minimum of ten consecutive trading days on or before May 13, 2020. Should the Company fail to demonstrate compliance with the MVLS continued listing requirement by that date, Nasdaq will issue a final delist determination and the Company will be suspended from trading on Nasdaq. In order to maintain the listing of its common stock on The Nasdaq Capital Market, the Company must also regain compliance for all other applicable continued listing standards within the respective compliance period.