Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed on the Companys Current Reports on Form 8-K filed with the
Securities and Exchange Commission on March 21, 2019 and September 12, 2019, AVEO Pharmaceuticals, Inc. (the Company) received a deficiency letter from the Listing Qualifications Department (the Staff) of the Nasdaq
Stock Market (Nasdaq) on March 18, 2019, notifying the Company that, for the last 30 consecutive business days, the bid price for the Companys common stock had closed below the minimum $1.00 per share requirement for continued
inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the Bid Price Rule). In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the Compliance Period Rule), the Company was provided an initial
period of 180 calendar days, or until September 16, 2019 (the Initial Compliance Date), to regain compliance with the Bid Price Rule.
The Company did not regain compliance with the Bid Price Rule by the Initial Compliance Date. On September 17, 2019, in accordance with Nasdaq Listing
Rule 5810(c)(2)(B), the Company was provided an additional 180 calendar day compliance period, or until March 16, 2020 (the Extended Compliance Date), to regain compliance with the Bid Price Rule.
If, at any time before the Extended Compliance Date, the bid price for the Companys common stock closes at $1.00 or more for a minimum of 10 consecutive
business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it complies with the Bid Price Rule, unless the Staff exercises its discretion to extend this 10 day period pursuant to
Nasdaq Listing Rule 5810(c)(3)(G). While the Company is working toward regaining compliance for continued listing on Nasdaq, there can be no assurance that the Company will be able to demonstrate compliance by the Extended Compliance Date.
If the Company does not regain compliance with the Bid Price Rule by the Extended Compliance Date, the Staff will provide written notification to the Company
that its common stock will be subject to delisting. At that time, the Company may appeal the Staffs delisting determination to a Nasdaq Listing Qualifications Panel (Panel). The Company expects that its common stock would remain
listed pending the Panels decision. There can be no assurance that, if the Company does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful.