CONTRAFECT Corp: Nasdaq/NYSE listing notice — ContraFect faces Nasdaq delisting; equity negative $3.1M, trading suspension set for Jan 31

CONTRAFECT Corp

Nasdaq Staff denied continued listing due to stockholders' equity deficiency of $(3.1)M as of Sep 30, 2022, below the $2.5M minimum.
Company intends to appeal; hearing request will stay suspension pending Panel decision.
If no appeal, trading of CFRX common stock suspended at opening on January 31, 2023.
Company also not compliant with bid price requirement (below $1.00) and exploring alternatives.
No assurance Panel will grant continued listing; risk of eventual delisting from Nasdaq.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

CONTRAFECT Corp received a nasdaq delisting notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

d that its determination was based on concerns that the Company’s ability to raise additional capital through the exercise of recently issued warrants to purchase the Company’s common stock or other capital raising transactions, in order to cure the Company’s non-compliance with Nasdaq Listing Rule 5550(b)(1), were not within the Company’s control and such funds may be insufficient to sustain compliance over the long term. The Company intends to request a hearing before a Nasdaq Hearings Panel (“Panel”) to appeal the Staff Determination. The Staff Determination letter indicates that the Compan

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Source: SEC EDGAR

accession 0001193125-23-016325

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