Current Report Filing (8-k)
19 March 2016 - 7:07AM
Edgar (US Regulatory)
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): March 15, 2016
XOMA
CORPORATION
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
0-14710 |
|
52-2154066 |
(Commission File Number) |
|
(IRS Employer Identification
No.) |
2910 Seventh Street, Berkeley,
California |
|
94710 |
(Address of principal executive offices) |
|
(Zip code) |
|
|
|
Registrant’s telephone number, including area code |
|
(510)
204-7200 |
(Former name or former address, if changed
since last report)
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))
Item 3.01. |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. |
XOMA Corporation (the “Company”)
received a letter from the staff (the “Staff”) of The NASDAQ Stock Market LLC (“NASDAQ”) on March 15, 2016
providing notification that, for the previous 30 consecutive business days, the bid price for the Company’s common stock
had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Global Market under NASDAQ’s
Listing Rule 5450(a)(1), requiring a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”).
The notification of noncompliance has no immediate effect on
the listing or trading of the Company's common stock on the NASDAQ Global Market. In accordance with Nasdaq Listing
Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to March 2, 2016, the closing
bid price of the Company's common stock is at or above $1.00 for a minimum of 10 consecutive business days, the Staff will provide
the Company with written confirmation of compliance.
If the Company does not achieve compliance with the Minimum
Bid Price Requirement by September 12, 2016, the Company may be eligible for an additional 180 calendar days compliance period
if it elects to transfer to the Nasdaq Capital Market, so as to take advantage of the additional compliance period offered on that
market. 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, with the exception of the bid price requirement, and would
need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears
to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would
notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal
the Staff’s determination to delist its securities, but there can be no assurance the Staff would grant the Company’s
request for continued listing.
The Company intends to monitor the closing bid price of its
common stock and may, if appropriate, consider implementing available options to regain compliance with the Minimum Bid Price Requirement
under the NASDAQ Listing Rules.
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.
Date: March 18, 2016 |
XOMA CORPORATION |
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|
|
|
By: |
/s/ Tom
Burns |
|
|
Tom Burns |
|
|
Vice President, Finance and
Chief Financial Officer |
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