On August 21, 2019, NASDAQ Listing Qualifications
staff (Staff) notified Tandy Leather Factory, Inc.
(Company) that it determined to delist the Company
based on Rule 5250(c)(1).  On February 25, 2020,
the Company exercised its right to appeal the Staff
determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Rule 5815.  A Panel hearing
was held on April 2, 2020.  On April 30, 2020, the
Panel issued a decision that granted the Company
through August 10, 2020 to regain compliance.
However, after the Company informed the Panel that
it would not meet this new deadline, the Panel issued
a delisting decision on August 11, 2020. On August 26,
2020, the Company exercised its right to appeal the
Panel decision to the Nasdaq Listing and Hearing Review
Council (Council) pursuant to Rule 5820(a).  On October
29, 2020, the Council issued a decision that affirmed
the Panel decision to delist the Companys securities.
On February 1, 2021, the Company was provided notice
that the Nasdaq Board of Directors declined to call
the Council decision for review pursuant to Rule 5825(a).