Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As stated earlier, on August 13, 2021, PolarityTE, Inc. (the “Company”) received a staff deficiency letter from the Rating Qualifications Department (the “staff”) of the Nasdaq Stock Exchange (“Nasdaq”) advising the Company that the Company has failed to comply with the $1.00 the minimum bid price requirement per share for continued inclusion in the Nasdaq Capital Markets pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement” ). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted an initial period of 180 calendar days to comply with the minimum offering price requirement, which expired February 9, 2022. At February 10, 2022the Company has received an additional notice from Staff (the “February Notice”) stating that, although the Company has not regained compliance with the minimum bid price rule in February 9, 2022staff have determined in accordance with Nasdaq listing rule 5810(c)(3)(A) that the company is eligible for an additional 180 calendar days from the date of the November Notice, or until August 8, 2022, to regain compliance with the minimum bid price rule. To restore compliance, the bid price for the common shares of the Company must close at $1.00 per share or more for at least 10 consecutive business days.
The February Notice has no effect on the listing or trading of the Company’s common stock at this time, and the Company is currently evaluating its alternatives to resolve this listing failure, including, if necessary and subject to the approval of its Board of Directors and shareholders, implementing a reverse stock split.
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