Current Report Filing (8-k)
June 10 2022 - 4:11PM
Edgar (US Regulatory)
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2022-06-10
2022-06-10
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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):
June
10, 2022
LIPOCINE
INC.
(Exact
name of registrant as specified in its charter)
Commission
File No. 001-36357
Delaware |
|
99-0370688 |
(State
or other jurisdiction of incorporation) |
|
(IRS
Employer Identification Number) |
675
Arapeen Drive, Suite 202
Salt
Lake City, Utah 84108
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (801) 994-7383
Former
name or former address, if changed since last report: Not Applicable
______________________
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:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
I
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
LPCN |
|
The
NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §
230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
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
June 7, 2022, Lipocine Inc. (“Lipocine” or “the Company”) received a notice from the Nasdaq Listing Qualifications
Department (the “Staff”) of the Nasdaq Stock Market LLC (“NASDAQ”) stating that the bid price of the Company’s
common stock for the last 30 consecutive trading days had closed below the minimum $1.00 per share required for continued listing under
Listing Rule 5550(a)(2).
The
NASDAQ notification letter does not result in the immediate delisting of the Company’s common stock, and the stock will continue
to trade uninterrupted on the The NASDAQ Capital Market under the symbol “LPCN”. The Rules provide the Company a compliance
period of 180 calendar days in which to regain compliance. If at any time during this 180-day period the closing bid price of the Company’s
security is at least $1 for a minimum of ten consecutive business days, NASDAQ will provide written confirmation of compliance and the
matter will be closed.
If
the Company does not regain compliance with Rule 5550(a)(2) by December 5, 2022, the Company may be afforded a second 180 calendar day
period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for The NASDAQ Capital Market, except for the minimum bid price requirement.
In addition, the Company would be required to notify NASDAQ of its intent to cure the deficiency during the second compliance period,
which may include, if necessary, implementing a reverse stock split.
The
Company intends to actively monitor the closing bid price for its common stock and will consider available options to resolve the deficiency
and regain compliance with NASDAQ Listing Rule 5550(a)(2).
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.
|
|
|
LIPOCINE
INC. |
|
|
|
|
|
Date: |
June
10, 2022 |
|
By: |
/s/
Mahesh V. Patel |
|
|
|
|
Mahesh
V. Patel |
|
|
|
|
President
and Chief Executive Officer |
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