UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On August 16, 2023, Cellectar Biosciences, Inc. (the “Company”) received notice from Nasdaq which indicated that under Nasdaq Listing Rule 5550(b)(1), the Company is required to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing. In the Company’s Form 10-Q for the period ended June 30, 2023, the Company reported stockholders’ equity was $(467,004). The notice does not have any immediate impact on the listing of the Company’s stock on Nasdaq.
In accordance with the Nasdaq Listing Rules, the Company has 45 calendar days, or until September 30, 2023, to submit a plan to regain compliance with the stockholders’ equity requirement, which the Company expects submit for Nasdaq’s consideration in a timely manner. If the plan is accepted, Nasdaq may grant the Company an extension period of up to 180 calendar days from the date of the deficiency notice, or until February 12, 2024, to regain compliance. There can be no assurance that the Company’s plan to regain compliance will be accepted, or if accepted, that the Company will attain compliance with the stockholders' equity continued listing requirement during any extension period that Nasdaq may grant. If the Nasdaq chooses not to accept the Company’s plan, or if the Company is unable to regain compliance within any extension period granted by Nasdaq, then the result would be the issuance of a delisting determination. The Company would at that time have the option to request a hearing before a Nasdaq Hearings Panel to present its plan to regain compliance and to request a further extension period to regain compliance. The request for a hearing would stay any delisting action.
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.
| CELLECTAR BIOSCIENCES, INC. | ||
| Date: August 21, 2023 | By: |
/s/ Chad J. Kolean |
| Name: | Chad J. Kolean | |
| Title: | Chief Financial Officer | |