Delisting Determination,The Nasdaq Stock Market, LLC,
April 19, 2018, Innovate Biopharmaceuticals, Inc. The Nasdaq
Stock Market, Inc. (the Exchange) has determined to remove
from listing the warrant of Innovate Biopharmaceuticals, Inc.
(the Company), effective at the opening of the trading
session on April 30, 2018. Based on review of information
provided by the Company, Nasdaq Staff determined that the
Company no longer qualified for listing on the Exchange
pursuant to Listing Rule 5550(b)(1). The Company was notified
of the Staffs determination on October 19, 2017.
The Company appealed the determination
to a Hearing Panel. Upon review of the information provided
by the Company, the Panel issued a decision dated
December 11, 2017, granting the Company continued listing
pursuant to an exception that included several milestones
that the Company was required to meet, towards the toal
of regaining compliance with Listing Rules 5550(b)(1), 5550(a)(2),
5555(a)(2) and 5620(a). The Company met the exception milestones
for its common stock, however, the Company was
unable to meet the exception milestones for the warrant.
On February 27, 2018, the Panel issued a final compliance
determination for the common stock and notified the
Company that trading in the Companys
warrant would be suspended on March 5, 2018.
The Company did not request a review of the Panels decision
by the Nasdaq Listing and Hearing Review Council. The
Listing Council did not call the matter for review.
The Panels Determination to delist the Companys warrant
became final on March 5, 2018.