Cytosorbents Delists from Nasdaq, Moves to OTCQB

TL;DR

Cytosorbents got booted from Nasdaq for low stock price, now trading on OTCQB.

AI Summary

Cytosorbents Corporation filed an 8-K on May 22, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The company's stock was transferred to the OTCQB Venture Market from the Nasdaq Capital Market, effective May 21, 2024. This action follows the company's inability to meet Nasdaq's minimum bid price requirement.

Why It Matters

The transfer to a less stringent market like OTCQB may indicate financial distress and could impact investor confidence and liquidity.

Risk Assessment

Risk Level: high — Delisting from a major exchange like Nasdaq and moving to the OTCQB signals significant financial challenges and potential for further stock depreciation.

Key Players & Entities

• Cytosorbents Corporation (company) — Registrant
• Nasdaq Capital Market (company) — Previous stock exchange
• OTCQB Venture Market (company) — New stock exchange
• May 21, 2024 (date) — Effective date of transfer
• May 20, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — e on which registered common stock, $0.001 par value CTSO The Nasdaq Stock Marke
• $1.00 — Company's common stock had fallen below $1.00 per share for 30 consecutive business d

Filing Documents

• tm2415106d1_8k.htm (8-K) — 26KB
• 0001104659-24-064300.txt ( ) — 194KB
• ctso-20240520.xsd (EX-101.SCH) — 3KB
• ctso-20240520_lab.xml (EX-101.LAB) — 33KB
• ctso-20240520_pre.xml (EX-101.PRE) — 22KB
• tm2415106d1_8k_htm.xml (XML) — 3KB

01

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On May 20, 2024, CytoSorbents Corporation (the "Company") received written notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the Company's common stock had fallen below $1.00 per share for 30 consecutive business days (the "Minimum Bid Price Requirement"). The written notification has no immediate effect on the listing or trading of the Company's common stock. In accordance with applicable Nasdaq rules, the Company has 180 calendar days following the date of the written notice, or until November 16, 2024 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to the Compliance Date, unless the Nasdaq staff exercises its discretion to require the Company to meet the Minimum Bid Price Requirement for a longer period pursuant to applicable Nasdaq rules. If the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date and is not otherwise eligible for any additional compliance period, the Nasdaq staff will provide notice that the Company's common stock will be subject to delisting. At that time, the Company would then be entitled to appeal Nasdaq's delisting determination. The Company intends to actively monitor the closing bid price of its common stock, and will consider its options to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement or will otherwise be in compliance with other Nasdaq listing standards.

SIGNATURES

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. Dated: May 22, 2024 CYTOSORBENTS CORPORATION By: /s/ Dr. Phillip P. Chan Name: Dr. Phillip P. Chan Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR