Akers Biosciences, Inc. Form 8K Filing (1498Y)
02 December 2017 - 1:00AM
UK Regulatory
TIDMAKR
RNS Number : 1498Y
Akers Biosciences, Inc.
01 December 2017
December 1, 2017
Akers Biosciences, Inc.
Form 8K Filing
Akers Biosciences, Inc. (NASDAQ: AKER) (AIM: AKR.L), ("Akers,"
"Akers Bio" or the "Company"), a developer of rapid health
information technologies, has filed a Form 8K with the US
Securities and Exchange Commission ("SEC").
The Form 8K (a copy of which is available on Akers Bio's website
at www.akersbio.com) states that the Company received notification
from the Nasdaq Listing Qualifications department of The Nasdaq
Stock Market LLC ("Nasdaq") on November 28, 2017, indicating that
the Company's common stock (the "Common Stock") was subject to
potential delisting from Nasdaq because, for a period of thirty
(30) consecutive business days, the bid price of the Common Stock
had closed below the minimum $1.00 per share requirement for
continued inclusion under Nasdaq Marketplace Rule 5550(a)(2) (the
"Bid Price Rule"). The notification had no immediate effect on the
listing or trading of the Common Stock on the Nasdaq Capital
Market.
Nasdaq stated in its letter that in accordance with the Nasdaq
Listing Rules the Company has been provided an initial period of
180 calendar days, or until May 29, 2018, to regain compliance. The
letter states that the Nasdaq Staff will provide written
notification that the Company has achieved compliance with the
minimum bid price listing requirement if at any time before May 29,
2018, the bid price of the Common Stock closes at $1.00 per share
or more for a minimum of ten (10) consecutive business days.
If the Company is unable to regain compliance by May 29, 2018,
the Company may be eligible for an additional 180 calendar day
compliance period to demonstrate compliance with the bid price
requirement. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares set forth in Market Place Rule 5550(a) and all other initial
listing standards for the Nasdaq Capital Market set forth in
Marketplace Rule 5505, with the exception of the bid price
requirement, and will need to provide written notice to Nasdaq of
its intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
company does not qualify for the second compliance period or fails
to regain compliance during the second 180-day period, then Nasdaq
will notify the Company of its determination to delist the Common
Stock, at which point the Company would have the opportunity to
appeal the delisting determination to a Hearings Panel.
The Company intends to monitor the closing bid price of the
Common Stock and may, if appropriate, consider implementing
available options to regain compliance with the minimum bid price
requirement under the Nasdaq Listing Rules.
About Akers Biosciences, Inc.
Akers Bio develops, manufactures, and supplies rapid screening
and testing products designed to deliver quicker and more
cost-effective healthcare information to healthcare providers and
consumers. The Company has advanced the science of diagnostics
while responding to major shifts in healthcare through the
development of several proprietary platform technologies. The
Company's state-of-the-art rapid diagnostic assays can be performed
virtually anywhere in minutes when time is of the essence. The
Company has aligned with major healthcare companies and high volume
medical product distributors to maximize product offerings, and to
be a major worldwide competitor in diagnostics.
Additional information on the Company and its products can be
found at www.akersbio.com. Follow us on Twitter @AkersBio.
For more information:
Akers Biosciences, Inc.
John J. Gormally, Chief Executive Officer
Raymond F. Akers, Jr. PhD, Executive Chairman and Chief
Scientific Director
Tel. +1 856 848 8698
finnCap (UK Nominated Adviser and Broker)
Adrian Hargrave / Scott Mathieson (Corporate Finance)
Steve Norcross (Broking)
Tel. +44 (0)20 7220 0500
Vigo Communications (Global Public Relations)
Ben Simons / Fiona Henson / Emma Lord
Tel. +44 (0)20 7830 9704
Email: akers@vigocomms.com
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the intended terms of the offering, closing of the
offering and use of any proceeds from the offering. When used
herein, the words "anticipate," "believe," "estimate," "upcoming,"
"plan," "target", "intend" and "expect" and similar expressions, as
they relate to Akers Biosciences, Inc., its subsidiaries, or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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