PETACH TIKVA, Israel,
April 11, 2016 /PRNewswire/ --
Macrocure Ltd. (NASDAQ: MCUR), a clinical-stage biotechnology
company, today announced that on April 7,
2016, Macrocure received a notice from NASDAQ regarding its
non-compliance with the $1 per share
minimum bid price requirement stated in NASDAQ Listing Rule
5450(a)(1).
Macrocure has until October 4,
2016 to regain compliance with the minimum bid price
requirement, which will require Macrocure's ordinary shares to
achieve a closing market price of $1
or more for a minimum of 10 consecutive business days. If
Macrocure fails to meet this requirement, its ordinary shares will
become subject to delisting from the NASDAQ Global Market.
In lieu of delisting, Macrocure could consider applying to
NASDAQ to have its ordinary shares transferred to the NASDAQ
Capital Market, provided that it satisfies all of the requirements
for initial listing on that market, other than the $1 minimum bid price requirement. In that case,
Macrocure would need to notify NASDAQ of its intent to cure the
minimum bid price deficiency during a second 180 day compliance
period, including by way of a reverse share split, if necessary. In
order to approve the transfer to the NASDAQ Capital Market, NASDAQ
would need to verify that it believes that it would be possible for
Macrocure to cure the minimum bid price deficiency.
If Macrocure's ordinary shares do not continue to be listed on
the NASDAQ Global Market or the NASDAQ Capital Market, trading, if
any, would be conducted in the over-the-counter market in the OTC
Bulletin Board or in any of the OTCQX®, OTCQB® or OTC Pink® tiered
marketplaces, in which trading is typically carried out for
securities that do not meet NASDAQ listing requirements.
Consequently, selling Macrocure's ordinary shares would likely
be more difficult because smaller quantities of shares could be
bought and sold, transactions could be delayed, and security
analyst and news media coverage of Macrocure may be reduced. These
factors could result in lower prices and larger spreads in the bid
and ask prices for Macrocure's shares. There can be no assurance
that Macrocure's shares will continue to be listed on the NASDAQ
Global Market or, if transferred thereto, on the NASDAQ Capital
Market.
About Macrocure Ltd.
Macrocure Ltd. is a clinical-stage biotechnology company that
until recently was focused on developing a novel therapeutic
platform to address chronic and hard-to-heal wounds. For more
information, please visit http://www.Macrocure.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the US Securities Exchange Act of 1934, as
amended, and the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts, such as
statements regarding assumptions and results related to financial
results forecasts, commercial results, clinical trials and
regulatory authorizations. Forward-looking statements are based on
Macrocure's current knowledge and its present beliefs and
expectations regarding possible future events and are subject to
risks, uncertainties and assumptions. Actual results and the timing
of events could differ materially from those anticipated in these
forward-looking statements as a result of several factors
including, but not limited to, unexpected results of clinical
trials, delays or denial in regulatory approval process or
additional competition in the market. The forward-looking
statements made herein speak only as of the date of this release
and Macrocure undertakes no obligation to update publicly such
forward-looking statements to reflect subsequent events or
circumstances, except as otherwise required by law.
For Investors:
Shai Lankry
Macrocure Ltd.
Shai@macrocure.com
+972-3-7631409
SOURCE Macrocure Ltd.