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Our common stock is listed on the NASDAQ Global Market, or Nasdaq.
−Removed: In order to maintain this listing, we must satisfy the continued listing requirements and standards of Nasdaq, including a minimum closing bid price requirement for our common stock of $1.00 per share.
+Added: In order to maintain this listing, we must satisfy the continued listing requirements and standards of Nasdaq, including a minimum closing bid price requirement for our common stock of $1.00 per share and that the market value of publicly held shares of our common stock is at least $15 million.
On April 7, 2026, we received a notification letter from Nasdaq notifying us that, for the last 30 consecutive business days, the closing bid price for our common stock has been below the minimum $1.00 per share required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5450(a)(1) (“Rule 5450(a)(1)”).
−Removed: We have 180 calendar days, or until October 5, 2026, to regain compliance with Rule 5450(a)(1) by maintaining a closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading days, subject to Nasdaq’s discretion.
−Removed: If we do not regain compliance with Rule 5450(a)(1) by October 5, 2026, we may be afforded a second 180 calendar day period to regain compliance, subject to meeting applicable listing standards and written notice of our intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split if necessary.
−Removed: If the closing bid price of our common stock continues to trade below $1.00 per share, we intend to implement a reverse stock split to attempt to regain compliance, as disclosed in our definitive proxy statement filed with the SEC on April 20, 2026.
−Removed: However, a reverse stock split requires stockholder approval, and there can be no assurance that our stockholders will approve the proposal or that a reverse stock split, if effected, would result in our regaining or maintaining compliance with Nasdaq’s continued listing requirements.
−Removed: If we are unable to regain compliance within the applicable cure period, including any available extension, our common stock would be subject to delisting from Nasdaq.
−Removed: Further, even if we regain compliance, we may not be able to sustain compliance with Rule 5450(a)(1) in the long term.
+Added: As provided in the notification letter from Nasdaq, we had 180 calendar days to regain compliance with Rule 5450(a)(1) by maintaining a closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading days, subject to Nasdaq’s discretion.
+Added: To regain compliance with Rule 5450(a)(1), we effected the Reverse Stock Split.
+Added: On July 8, 2026, we received notification from Nasdaq that we had regained compliance with the minimum closing bid price requirement and, as a result, the matter of our noncompliance had been closed.
+Added: On July 31, 2026, we received a notification letter from Nasdaq notifying us that we no longer meet Nasdaq’s $15 million minimum market value of publicly held shares requirement under Nasdaq Listing Rule 5450(b)(2&3)(C) (the “MVPHS Requirement”) based on Nasdaq’s review of the market value of the Company’s publicly held shares for the previous 30 consecutive business days.
+Added: The notification has no immediate effect on our listing or trading on the NASDAQ Global Market.
+Added: Nasdaq has provided us a period of 180 calendar days to regain compliance with the MVPHS Requirement, or until January 27, 2027 (the “Compliance Date”).
+Added: If, at any time before the Compliance Date, our market value of publicly held shares closes at $15 million or more for a minimum of ten consecutive business days, but generally no more than 20 consecutive business days, Nasdaq will provide written notification to us that we have regained compliance with the MVPHS Requirement.
+Added: We intend to actively monitor the market value of our publicly held shares.
+Added: We may evaluate and consider available options for regaining compliance with the MVPHS Requirement, as well as applying for a transfer to The Nasdaq Capital Market.
+Added: However, there can be no assurance that we will take any specific action or be able to regain compliance with the MVPHS Requirement or otherwise maintain compliance with Nasdaq listing rules.
+Added: If we are unable to regain compliance by the Compliance Date, including any available extension, our common stock would be subject to delisting from Nasdaq.
+Added: Further, even if we regain compliance, we may not be able to sustain compliance with the MVPHS Requirement in the long term or with the additional continued listing requirements and standards of Nasdaq.
A delisting could significantly reduce the liquidity and market price of our common stock, limit investors’ ability to buy and sell our common stock, reduce analyst coverage, and negatively affect our ability to access the capital markets or complete strategic transactions on favorable terms, or at all.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.