TORONTO, ON / ACCESSWIRE / December 5, 2018 / Intellipharmaceutics International Inc. (NASDAQ and TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announced that it has received written notification (the ''Notification'')from The Nasdaq Stock Market LLC ('NASDAQ'') notifying the Company that a hearing with a Nasdaq Hearings Panel (the ''Panel'')has been scheduled for January 10, 2019.
As previously reported, the minimum bid price per share for the Company's common shares was below $1.00 for a period of 30 consecutive business days and, as a result, the Company is currently not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). Due to the fact that the Company was already subject to monitoring by a Panel, it was not afforded the automatic 180-day grace period within which to regain compliance. The Notification indicated that all suspension and delisting action relating to the Company's common shares has been stayed, pending a final written decision by the Panel following the hearing. The Company intends to attend the hearing and present a plan of compliance at the hearing. The Company must demonstrate its ability to regain compliance with the deficiencies cited by Staff, as well as its ability to sustain long-term compliance with all applicable maintenance criteria.
The Company expects that its shares will continue to be listed and traded on Nasdaq pending the hearing and the expiration of any extension granted by the Panel following the hearing.Pursuant to the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an extension through May 28, 2019. However, there can be no assurance that the Company's presentation to the Panel will be successful, that the Panel will grant any extension or that the Company will be able to regain compliance with all applicable requirements for continued listing on Nasdaq.
The Company's common shares are also listed on the Toronto Stock Exchange (the ''TSX'') and the Company's non-compliance with the Nasdaq listing requirements does not affect the Company's compliance status with the TSX.