UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On April 4, 2023, Biora Therapeutics, Inc. (the “Company”) received formal notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company no longer satisfies the $50 million in total assets and $50 million in total revenue requirement for continued listing on The Nasdaq Global Market or the alternative criteria under Nasdaq Listing Rule 5450(b) (the “Rule”). The Staff’s notice has no immediate effect on the listing of the Company’s common stock, which the Company expects will continue to trade on Nasdaq in the normal course pending the conclusion of the compliance process described below.
In accordance with the Nasdaq Listing Rules, the Company was provided 45 calendar days, through May 19, 2023, to submit its plan to regain compliance with the Rule. If the Company’s plan is accepted, the Staff has the discretion to grant the Company up to 180 calendar days from the date of the Staff’s notice, through October 2, 2023, to evidence compliance with the Rule. If the Staff does not accept the Company’s plan, the Staff would then issue a delisting determination, which the Company could appeal to a Nasdaq Hearings Panel (the “Panel”). In that case, the request for a hearing before the Panel would stay any further delisting action by the Staff pending the ultimate conclusion of the hearing process.
The Company is considering various options that may support its efforts to regain and maintain compliance with the applicable Nasdaq listing criteria; however, there can be no assurance that the Staff will grant the Company’s request for an extension or that the Company will be able to evidence compliance with the applicable listing criteria upon the expiration of any such extension that may be granted by the Staff.
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 thereunto duly authorized.
| Biora Therapeutics, Inc. | ||||||
| Date: April 7, 2023 | By: | /s/ Eric d’Esparbes | ||||
| Eric d’Esparbes Chief Financial Officer | ||||||