Full Press Release Details
Listing Qualifications
The Nasdaq Stock Market LLC
Sent via Electronic Delivery to: gdispersyn@phiopharma.com,
Dr. Gerrit Dispersyn, Med. Sc.
President and Chief Executive Officer
Phio Pharmaceuticals Corp
257 Simarano Drive, Suite 101
Marlborough, MA 01752
As discussed with Ms. Kontulis, on November
12, 2019, Staff notified the Company that due to the failure of its common stock to demonstrate compliance with the minimum bid
price requirement, the common stock would be subject to delisting. On November 19, 2019, the Company requested an appeal, and is
scheduled to appear before a Nasdaq Hearings Panel (the "Panel") on December 12, 2019.
In light of the above, Staff has determined
that the Company's warrants no longer comply with Listing Rule 5560(a),1 since the underlying security, the common
stock, is subject to delisting. Accordingly, this matter serves as an additional basis for delisting the Company's securities
from The Nasdaq Stock Market.
This is formal notification that the Panel
will consider this matter in rendering a determination regarding the Company's continued listing on The Capital Market. Pursuant
to Listing Rule 5810(d), the Company should present its views with respect to this additional deficiency at its Panel hearing.
If the Company fails to address the aforementioned issue, the Panel will consider the record as presented at the hearing and will
make its determination based upon that information.
Listing Rule 5560(a) states that "For rights, warrants, and put warrants (that is, instruments that grant the holder the
right to sell to the issuing company a specified number of shares of the Company's common stock, at a specified price until a
specified period of time), the underlying security must remain listed on Nasdaq or be a Covered Security, and there must be at
least two registered and active Market Makers, one of which may be a Market Maker entering a stabilizing bid."
Dr. Gerrit Dispersyn, Med. Sc.
Our Rules require that the Company promptly
disclose receipt of this letter by either filing a Form 8-K, where required by SEC rules, or by issuing a press release. The announcement
needs to be made no later than four business days from the date of this letter and must include the continued listing criteria
that the Company does not meet.2 The Company must also submit the announcement to Nasdaq's MarketWatch Department.3
If the public announcement is made between the hours of 7:00 AM and 8:00 PM Eastern Time, the Company must submit the announcement
to Nasdaq's MarketWatch Department at least ten minutes prior its public release. If the public announcement is made outside
of these hours, the Company must submit the announcement prior to 6:50 A.M. Eastern Time. Please note that if you do not make the
required announcement trading in your securities will be halted.4
If you have any questions, please contact Moira Keith,
Listing Analyst, at +1 301 978 8052.
cc: Hearings Department
3 The notice must be submitted
to Nasdaq's MarketWatch Department through the Electronic Disclosure submission system available at nasdaq.net/ED/IssuerEntry.
4 Listing IM-5810-1.