UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
October 22, 2015
Date of Report (Date of earliest event reported)
Sophiris Bio Inc. |
(Exact name of registrant as specified in its charter) |
British Columbia | | 001-36054 | | 98-1008712 |
(State or other jurisdiction | | (Commission File Number) | | (IRS Employer Identification No.) |
of incorporation) | | | | |
1258 Prospect Street La Jolla, CA | |
92037
|
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (858) 777-1760
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On October 22, 2015, Sophiris Bio Inc. (“the Company”) received approval from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) to transfer the listing of the Company’s common stock from the Nasdaq Global Market to the Nasdaq Capital Market. This transfer will be effective at the opening of business on October 26, 2015. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements. The Company’s common stock will continue to trade under the symbol “SPHS.”
As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission on August 21, 2015, the Company received a letter from Nasdaq on August 18, 2015 notifying the Company that the Company did not meet the minimum stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(A). By transferring to the Nasdaq Capital Market this issue has been resolved.
As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission on August 7, 2015, the Company received a letter from Nasdaq on August 3, 2015 notifying the Company that the consolidated closing bid price of the Company’s common stock had been below $1.00 per share for 30 consecutive business days and that the Company was therefore not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Market, as set forth in Marketplace Rule 5450(a)(1).
The Company has been provided a grace period of 180 calendar days, or until February 1, 2016, to regain compliance with the minimum consolidated closing bid price requirement for continued listing. The transfer of the Company’s listing to the Nasdaq Capital Market does not impact this deficiency. The Company has until February 1, 2016 to regain compliance with the minimum consolidated closing bid price requirement.
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.
| | | Sophiris Bio Inc. |
| | |
Dated: October 23, 2015 | | |
| | By: | /s/ Peter Slover | |
| | | Peter Slover |
| | | Chief Financial Officer |
