As previously reported on January 13, 2017, the Company received a letter from Nasdaq stating that the Company was not in compliance with Nasdaq listing rules because the Company had not filed its Form 6-K for the six-month period ended June 30, 2016. In the letter, Nasdaq requested that the Company submit a plan to regain compliance with Nasdaq listing rules within 60 days.
On March 13, 2017, the Company submitted to Nasdaq a plan to regain compliance with Nasdaq listing rules. After reviewing the plan of the Company to regain compliance, Nasdaq granted an exception to enable the Company to regain compliance with the listing rules. Under the terms of the exception, the Company must file its Form 6-K for the six-month period ended June 30, 2016 as required by listing rules on or before May 15, 2017 to maintain its listing status. In the event that the Company does not satisfy the terms set forth in the extension, Nasdaq will provide written notification that the securities of the Company will be delisted. At that time, the Company may appeal Nasdaq's determination for a panel review.
