Section 3.01 Notice of Cancellation or Non-Compliance with a Rule or Standard for Maintaining Listing; Transfer of registration
On September 12, 2022, Aprea Therapeutics, Inc. (the “Company”) received a deficiency letter from the Rating Qualifications Department (the “staff”) of the Nasdaq Stock Exchange (“Nasdaq”) advising the Company that, for the preceding 30 consecutive business days, the closing bid price of the Company’s common stock was below the minimum price $1.00 per share for continued inclusion on the Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Offer Price Requirement”). The notification received has no immediate effect on the Company’s Nasdaq listing and the Company’s common stock will continue to trade on the Nasdaq under the symbol “APRE” for the time being. In accordance with Nasdaq rules, the Company has been granted an initial period of 180 calendar days, or until March 13, 2023 (the “Compliance Date”), to restore compliance with the Bid Price Requirement. If, at any time prior to the Compliance Date, the closing Bid Price of the Company’s Common Shares is at least $1.00 for at least 10 consecutive business days, Personnel will provide the Company with written confirmation of compliance with the Bid Price Requirement. If the Company fails to comply again with the Offer Price Requirement on the Compliance Date, the Company may be eligible for an additional compliance period of 180 calendar days. To be eligible, the Company will be required to transfer to the Nasdaq Capital Market and meet the continuous listing requirement for the market value of publicly held shares and all other initial listing standards for the market. of Nasdaq Capital, except for the offering price requirement, and shall provide written notice of its intention to remedy the deficiency during the additional 180 calendar day compliance period, by effecting a consolidation of actions, if necessary. If the Company does not again comply with the Offer Price Requirement on the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will notify the Company in writing that its common shares will be delisted. At that time, the Company may appeal the decision to dismiss staff to a Nasdaq Hearings Committee. There can be no assurance that the Company will regain compliance or otherwise maintain compliance with any of the other listing requirements. The Company intends to monitor the closing bid price of its Common Shares and may, if necessary, consider the options available to restore compliance with the bid price requirement.
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