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Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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As previously reported, on January 15, 2020, Aqua Metals, Inc. (the “Company”) received a letter (the “Letter”) from the Nasdaq Stock Market, LLC (the “Nasdaq”). The Letter notified the Company that it had fallen below compliance with respect to the continued listing standard set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules because the closing bid price of the Company’s common stock over the previous 30 consecutive trading-day period had fallen below $1.00 per share. Pursuant to the Letter and Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the Company originally had 180 days from the date of the Letter, or until July 13, 2020, to regain compliance with the minimum bid price requirement in Rule 5550(a)(2) by achieving a closing bid price for the Company’s common stock of at least $1.00 per share over a minimum of 10 consecutive business days.
On April 17, 2020, the Company received a second letter from the Nasdaq stating that due to extraordinary market conditions, the Nasdaq has determined, effective as of April 16, 2020, to toll the compliance periods for the minimum bid price requirement in Rule 5550(a)(2) through June 30, 2020. As a result, since the Company had 88 calendar days remaining in its bid price compliance period as of April 16, 2020, it will, upon reinstatement of minimum bid price requirement, still have 88 calendar days from July 1, 2020, or until September 28, 2020, to regain compliance.
If the Company does not regain compliance with Rule 5550(a)(2) by September 28, 2020, the Company may be eligible for additional time to regain compliance, subject to the Company’s compliance with the Nasdaq’s continued listing requirement for market value of publicly-held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement, and the Company’s provision of certain undertakings to the Nasdaq. However, there can be no assurance that the Company will be afforded additional time to regain compliance with the minimum bid price requirement following September 28, 2020. If the Company is unable to regain compliance with Nasdaq Listing Rule 5550(a)(2) in a timely manner, the Nasdaq will commence suspension and delisting procedures.