Current Report Filing (8-k)
December 08 2020 - 4:06PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 4, 2020
InVivo Therapeutics Holdings Corp.
(Exact Name of Registrant as Specified in
Charter)
Nevada
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001-37350
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36-4528166
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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One Kendall Square, Suite B14402
Cambridge, MA 02139
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including
area code: (617) 863-5500
N/A
(Former Name or Former Address, if Changed
Since Last Report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
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Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.00001 par value per share
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NVIV
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The Nasdaq Capital Market
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 3.01 Notice of Delisting or Failure to Satisfy
a Continued Listing Rule or Standard; Transfer of Listing
On December 4, 2020, InVivo Therapeutics
Holdings Corp. (the “Company”) received a deficiency letter from the Listing Qualifications Department (the “Staff”)
of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that, for the previous 30 consecutive business days, the
bid price for the Company’s 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 Requirement”).
In accordance with Nasdaq Listing Rule
5810(c)(3)(A) (the “Compliance Period Rule”), the Company has been provided an initial period of 180 calendar days,
or until June 2, 2021 (the “Compliance Date”), to regain compliance with the Bid Price Requirement. If, at any time
before the Compliance Date, the bid price for the Company’s 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
has regained compliance with the Bid Price Requirement, unless the Staff exercises its discretion to extend this 10 day period
pursuant to Nasdaq Listing Rule 5810(c)(3)(G). In addition, if, at any time before the Compliance Date, the bid price for the Company’s
common stock closes at $0.10 or less for ten consecutive trading days, the Staff will
issue a Staff Delisting Determination under Nasdaq Listing Rule 5810(c)(3)(A)(iii).
If the Company does not regain compliance
by the end of the compliance period, under Nasdaq Listing Rule 5810(c)(3)(A)(ii), if on the last day of the compliance period the
Company is in compliance with the market value of publicly held shares requirement for continued listing as well as all other standards
for initial listing of its common stock on The Nasdaq Capital Market (other than the bid price requirement), the Company may be
eligible for additional time if the Company also provides written notice to Nasdaq of its intention to cure the deficiency during
a second compliance period, by effecting a reverse stock split, if necessary, at which point Nasdaq may grant the Company an additional
180-day period to regain compliance with the Bid Price Requirement.
If the Company does not regain compliance
with the Bid Price Requirement by the Compliance Date and is not eligible for an additional compliance period at that time, the
Staff will provide written notification to the Company that its common stock may be delisted. At that time, the Company may appeal
the Staff’s delisting determination to the Nasdaq Listing Qualifications Panel (the “Panel”). The Company expects
that its common stock would remain listed pending the Panel’s decision. However, there can be no assurance that, if the Company
receives a delisting notice and appeals the delisting determination by the Staff to the Panel, such appeal would be successful.
The Company intends to monitor the closing
bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Requirement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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INVIVO THERAPEUTICS HOLDINGS CORP.
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Date: December 8, 2020
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By:
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/s/ Richard Toselli
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Richard Toselli, M.D.
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Chief Executive Officer
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InVivo Therapeutics (NASDAQ:NVIV)
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