Earnings

ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) Receives Notice from NYSE for Noncompliance with Continued Listing Standards

ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) has announced being issued with a notification by the NYSE MKT LLC over the company’s non-compliance with some NYSE MKT continued listing standards in relation to stockholders’ equity. ImmunoCellular Therapeutics is a clinical-stage biotechnology company engaged in the development of immune-based therapies used in treatment of cancer.

The company has been issued with a Deficiency Letter indicating that it is not in compliance with Part 10, Section 1003(a)(iii) of the NYSE MKT Company Guide which requires stockholders’ equity of $6.0 million and above if a company has reported a loss from its operations and a net loss in five recent financial  years.  As at the close of the first quarter of the 2017 financial year, the company had $0.4 million in stockholders’ equity.

Following the notice, the company is required to submit an action plan to the NYSE MKT by July 23, 2017 explaining all the actions it has put in place or what it plans to do so as to regain compliance with the standards for continued listing by December 23, 2018. ImmunoCellular Therapeutics is expected to submit an action plan before the July 23, 2017 deadline. In the event that the company fails to submit the action plan by the set deadline, its action plan will not be accepted. Alternatively, the company has an option of regaining compliance by December 23, 2018 failure to which the NYSE MKT may start delisting procedures.

The company’s common stock will continue to trade on the NYSE MKT while the company attempts to regain compliance with the necessary listing standards. This is also subject to the company’s compliance with other standards for continues listing.  ImmunoCellular Therapeutics will continue trading under the symbol “IMUC.” However the symbol will have “.BC” added to it to show that the company is trading below compliance with the listing standards of the NYSE MKT.



The notification issued by the NYSE MKT does not affect the business operations of the company. Additionally, the notification does not also affect the company’s SEC reporting requirements. It does not also conflict or cause a default event under any of the company’s material agreements.

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