Current Report Filing (8-k)
December 03 2021 - 4:49PM
Edgar (US Regulatory)
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2021-12-03
2021-12-03
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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 3, 2021 (December 2, 2021)
CELSION
CORPORATION
(Exact
name of registrant as specified in its Charter)
Delaware
|
|
001-15911
|
|
52-1256615
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
997
Lenox Drive, Suite 100, Lawrenceville, NJ
|
|
08648-2311
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(Address
of principal executive offices)
|
|
(Zip
Code)
|
(609)
896-9100
(Registrant’s
telephone number, including area code)
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):
☐
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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|
|
☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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|
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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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|
|
☐
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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, par value $0.01 per share
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|
CLSN
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Nasdaq
Capital Market
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Indicate
by check mark whether the registrant is an emerging growth company as defined in 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. ☐
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
December 2, 2021, Celsion Corporation (“we,” “our,” “us,” “Celsion,” or “the Company”)
received notice from The Nasdaq Stock Market (“Nasdaq”) that the closing bid price for our common stock had been below $1.00
per share for the previous 30 consecutive business days, and that we are therefore not in compliance with the minimum bid price requirement
for continued inclusion on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Rule”).
Nasdaq’s
notice has no immediate effect on the listing or trading of our common stock on The Nasdaq Capital Market.
The
notice indicates that we will have 180 calendar days, until May 31, 2022, to regain compliance with this requirement. We can regain compliance
with the $1.00 minimum bid listing requirement if the closing bid price of our common stock is at least $1.00 per share for a minimum
of ten (10) consecutive business days during the 180-day compliance period. If we do not regain compliance during the initial compliance
period, we may be eligible for additional time to regain compliance. To qualify, we will be required to meet the continued listing requirement
for market value of our publicly held shares and all other Nasdaq initial listing standards, except the bid price requirement, and will
need to provide written notice to Nasdaq of our intention to cure the deficiency during the second compliance period. If we meet these
requirements, we expect that Nasdaq will grant us an additional 180 calendar days to regain compliance with the minimum bid price requirement.
If it appears to Nasdaq that we will not be able to cure the deficiency, or if we are otherwise not eligible, we expect that Nasdaq will
notify us that our common stock will be subject to delisting. We will have the right to appeal a determination to delist our common stock,
and our common stock would remain listed on The Nasdaq Capital Market until the completion of the appeal process.
We
intend to actively monitor the minimum bid price of our common stock and may, as appropriate, consider available options to regain compliance
with the Rule.
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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CELSION
CORPORATION
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Dated:
December 3, 2021
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By:
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/s/
Jeffrey W. Church
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Jeffrey
W. Church
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|
|
Executive Vice President and Chief Financial
Officer
|
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