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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 15, 2022, Applied Therapeutics, Inc. (the “Company”) received written notification (the “Notice”) from the Nasdaq Stock Market (“Nasdaq”) that, the Company’s stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the period ended September 30, 2022 (the “Form 10-Q”) does not satisfy the continued listing requirement under Nasdaq Listing Rule 5450(b)(1)(A) for the Nasdaq Global Market, which requires that a listed company’s stockholders’ equity be at least $10.0 million (the “Stockholders’ Equity Requirement”). As reported in its Form 10-Q, the Company’s stockholders’ equity as of September 30, 2022, was approximately $9.6 million.
The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Market. In accordance with Nasdaq Listing Rules, the Company has 45 calendar days from the date of the Notice, or until December 30, 2022, to submit a plan to regain compliance with the Stockholders’ Equity Requirement. If the Company’s compliance plan is accepted by Nasdaq, then Nasdaq may, in its discretion, grant the Company up to 180 calendar days from the date of the Notice, or until May 14, 2023, to evidence compliance.
The Company intends to consider available options to regain compliance with the Stockholders’ Equity Requirement, but no decisions about a response have been made at this time. There can be no assurance that the Company will ultimately regain compliance with all applicable Nasdaq listing criteria.
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.
|APPLIED THERAPEUTICS, INC.|
|Dated: November 18, 2022||By:||/s/ Shoshana Shendelman|
|Title:||President and Chief Executive Officer|