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TOPIC: To Delist or Not Delist that is the question ?

To Delist or Not Delist that is the question ? 08 Dec 2015 08:41 #5618

  • rothco619
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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): December 3, 2015 CYTORI THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 001-34375 33-0827593 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 3020 Callan Road San Diego, California 92121 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (858) 458-0900
Not Applicable
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; Transfer of Listing.

On December 3, 2015, Cytori Therapeutics, Inc. (the "Company") received a determination letter from the staff (the "Staff") of The NASDAQ Stock Market LLC ("Nasdaq") stating that the Company has not regained compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Marketplace Rule 5450(a)(1). As previously disclosed, the Company was initially notified by the Staff on June 4, 2015, that the bid price for its common stock had failed to satisfy the minimum bid price requirement and in accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or by December 1, 2015, to regain compliance with the minimum bid price requirement Nasdaq's delisting determination will not immediately result in the delisting of the Company's common stock. Pursuant to the determination letter, unless the Company requests a transfer of its securities to The Nasdaq Capital Market or the request for a hearing to appeal this determination is received by the Nasdaq Hearings Department by no later than 4:00 p.m. Eastern time on December 10, 2015, the Company's common stock will be delisted from The Nasdaq Global Market, trading of the Company's common stock will be suspended at the opening of business on December 14, 2015, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq.
The Company intends to timely request a hearing to appeal the Staff's determination. Under Nasdaq rules, the delisting of the Company's common stock will be stayed during the pendency of the appeal. While the appeal process is pending, the suspension of trading of the Company's common stock will be stayed, and the Company's common stock will continue to trade on the Nasdaq Global Market until the hearing process concludes and the Hearing Panel issues a written decision.
Although it is the Company's intention to work with the Hearing Panel to remain on The Nasdaq Global Market, the Company also believes that it is eligible to transfer to The Nasdaq Capital Market, which, if such transfer request was granted, would provide a second 180 calendar day period to regain compliance (retroactively measured from December 1, 2015). However, there can be no assurance that the Nasdaq Hearing Panel will grant the Company's request for continued listing.

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To Delist or Not Delist that is the question ? 08 Dec 2015 10:37 #5619

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I hope they are granted the extension. The alternatives of de-listing, or a reverse split, both suck. The shares trade well with good volume and liquidity. I would assume the NASDAQ would be willing to work with management to keep the company on the exchange.

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To Delist or Not Delist that is the question ? 09 Dec 2015 03:51 #5625

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However, there can be no assurance that the Nasdaq Hearing Panel will grant the Company's request for continued listing.


Under "normal" circumstances, this is absolutely a non-event i.e. comparable Companies always had their requests honored (i.e. thats obviously in the best interest of Nasdaq too, since commissions are earned by them and market makers)

There is a tiny element of "suspense" here, since in the past there have been several conspiracy theories in view of the "disruptive technology" that Cytori possesses, which clearly is against certain interests... :cool:

But I do not think Nasdaq can be that "obvious". :KO:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

To Delist or Not Delist that is the question ? 09 Dec 2015 11:19 #5627

  • myownhedgefund
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If I was going to have to go with conspiracy it wouldnt be the disruptive tech route but those who profit from failure and that wouldnt just be the short side.

Not really a big conspiracy type person though.

I too am surprised they didn't get the extension at ther first go but could it be as simple as Cytori was a bit late in requesting a extension ? I don't know but it would fit into the bungling history. The history is fact not conspiracy...LOL :cry:

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To Delist or Not Delist that is the question ? 10 Dec 2015 00:15 #5634

  • carl
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Answer from Cytori:
Cytori is currently listed and we are working on maintaining this listing. There are a couple options, which we outlined on a 8-K filed on Monday this week. Bottom line, we will request a hearing with NASDAQ and likely in the next couple months we will have a meeting with them… at which point, i) they may provide us additional time for us to become compliant (if we have yet to comply with it at that point), ii) they would ask us to downgrade our listing to the Nasdaq Capital Markets, or iii) provide us another 3-6 months to get a reverse stock split done. None of the likely outcomes suggest we will be delisted immediately.
The following user(s) said Thank You: paul

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To Delist or Not Delist that is the question ? 10 Dec 2015 00:35 #5635

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Thanks for the update carl.
Yes, I don't think anyone thought delisting was immediate since a appeal was coming but I am again surprised it takes a couple of months for a sit down.

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To Delist or Not Delist that is the question ? 10 Dec 2015 15:02 #5642

  • Lugano
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Well, looking at the current price action I guess reverse split is the most likely and anticipated result.... would be curious to know how many companies still had a bright future after that in history :whistle:

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