Business Context and Reporting Period
This Form 8-K was filed by OncoGenex Pharmaceuticals, Inc. on August 22, 2016. The report addresses a regulatory notice received from The NASDAQ Stock Market, LLC regarding the company's compliance with listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on stock listing compliance rather than financial performance metrics.
Material Changes
On August 22, 2016, the Company received written notice from NASDAQ indicating non-compliance with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market (Listing Rule 5550(a)(2)).
Outlook, Risks, and Management Commentary
- Compliance Period: The Company has 180 calendar days, until February 21, 2017, to regain compliance.
- Requirement: The closing bid price must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the compliance period.
- Extension Options: If compliance is not met by the deadline, the Company may be afforded a second 180-day period, provided it meets the market value of publicly held shares and other initial listing standards (excluding the bid price).
- Remedial Actions: The Company may consider implementing a reverse stock split to cure the deficiency.
- Risks: There is no assurance the Company will regain compliance. Failure to do so within allotted periods could result in delisting. The Company retains the right to appeal a delisting determination to a NASDAQ Listing Qualifications Panel.
Investor Verification Checklist
- Verify the current closing bid price of OncoGenex Pharmaceuticals, Inc. common stock relative to the $1.00 threshold.
- Monitor the company's stock price for ten consecutive business days to assess compliance progress.
- Review future filings for announcements regarding a potential reverse stock split.
- Check for any updates on the Company's market value of publicly held shares in case a second compliance period is required.