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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 December 6, 2022, Kiromic BioPharma, Inc. (the “Company”) received a letter (the “Letter”) from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is no longer in compliance with the audit committee requirements as set forth in Nasdaq Listing Rule 5605 for continued listing on The Nasdaq Capital Market.
Nasdaq Listing Rule 5605(c)(2)(A) requires companies listed on The Nasdaq Capital Market to maintain an audit committee consisting of at least three independent directorsmembers, with one of which being classified as a financial expert. As previously reported, on November 16, 2022, Frank Tirelli resigned as a member of informed the Board of Directors (the “Board”) of the Company that he was resigning his position as a director of the Company, effective immediately. Mr. Tirelli also ceased to be a member of the Audit Committee on the same date.
The Letter has no immediate effect on the listing of the Company’s common stock and the Company’s common stock continues to trade on The Nasdaq Capital Market under the symbol “KRBP”, subject to the Company’s compliance with the other continued listing requirements. Pursuant to Nasdaq Listing Rule 5605(c)(4)(B), the Company is entitled to a cure period to regain compliance with Nasdaq Listing Rule 5605(c)(2)(A), which is until the earlier of the Company’s next annual shareholders’ meeting or November 16, 2023; or if the next annual shareholders’ meeting is held before May 15, 2023, then the Company must evidence compliance no later than May 15, 2023.
The Nominating and Corporate Governance Committee of the Board is seeking and will be reviewing qualified candidates to fill the vacant board seat. The Company expects to be compliant with the audit committee composition requirements of Nasdaq Listing Rule 5605(c)(2)(A) by the end of the cure period.
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.
KIROMIC BIOPHARMA, INC. | ||
Date: December 12, 2022 | By: | /s/ Daniel Clark |
Name: Daniel Clark | ||
Title: Chief Financial Officer | ||