On May20, 2016, Biocept, Inc. (the
) received a letter from The Nasdaq Stock Market LLC (
) indicating that Nasdaq has determined that the Company has failed to comply with the minimum stockholders equity requirement of Nasdaq Listing Rule 5550(b)(1). Nasdaq Listing Rule 5550(b)(1) requires that companies listed on the Nasdaq Capital Market maintain a minimum of $2,500,000 in stockholders equity for continued listing.The Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 reported stockholders equity of ($489,231).
Under applicable Nasdaq rules, the Company has 45calendar days to submit a plan to regain compliance with the Nasdaq listing requirements. The Company is currently developing a plan to regain compliance, which it intends to submit to Nasdaq promptly. If the plan is accepted, Nasdaq can grant the Company an extension of up to 180 calendar days from May 20, 2016 to evidence compliance.
Statements contained in this Current Report on Form 8-K regarding matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Risks are described more fully in the Companys filings with the Securities and Exchange Commission, including without limitation the Companys most recent Quarterly Report on Form 10-Q and other documents subsequently filed with or furnished to the Securities and Exchange Commission. All forward-looking statements contained in this Current Report on Form 8-K speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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.
Dated: May 26, 2016
/s/ Michael W. Nall
Michael W. Nall
Chief Executive Officer
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