UNITED STATES
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CURRENT REPORT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On June 15, 2023, the Chapter 7 bankruptcy trustee (“Trustee”) for OncoSec Medical Incorporated (the “Company”) received a letter from the staff of the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company and the Trustee that the Staff has, in accordance with Listing Rules 5101, 5110(b), and IM-5101-1, determined that the Company’s securities will be delisted from Nasdaq based on the following factors: (i) on June 14, 2023, the Company filed for protection under Chapter 7 of the U.S. Bankruptcy Code (the “Chapter 7 Filing”) and the associated public interest concerns raised by the Chapter 7 Filing; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq, including the Company’s failure to comply with (a) the minimum $2,500,000 stockholders’ equity requirement under Listing Rule 5550(b)(1) and (b) the minimum bid price requirement under Listing Rule 5550(a)(2) due to the fact that, as of June 1, 2023, the closing bid price of the Company’s common stock had been below $1.00 for thirty consecutive trading days.
The Staff’s letter indicates that the trading of the Company’s common stock will be suspended at the opening of business on June 26, 2023, 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 does not intend to appeal the Staff’s determination. Therefore, the Company expects that the trading of the Company’s common stock will be suspended at the opening of business on June 26, 2023, and delisted from Nasdaq, as indicated in the Staff’s letter.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 22, 2023 | OncoSec Medical Incorporated | |
By: | /s/ Charles Forman | |
Name: | Charles Forman | |
Title: | Authorized Representative and Trustee |