(15)	Subsequent Events

NASDAQ Notification Letter

On February 9, 2016, The NASDAQ Stock Market (“NASDAQ”) granted Delcath Systems, Inc. (the “Company”) an additional 180 calendar days, or until August 8, 2016, to regain compliance with the $1.00 per share minimum required for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Marketplace Rule 5550(a)(2) (the “Minimum Bid Price Rule”).

On August 11, 2015, the Company received a notification letter (the “Notice”) from NASDAQ advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on The NASDAQ Capital Market pursuant to the Minimum Bid Price Rule. The Company was provided 180 calendar days, or until February 8, 2016, to regain compliance with the Minimum Bid Price Rule. The Company was unable to regain compliance with the Minimum Bid Price Rule by February 8, 2016. The NASDAQ determination to grant the second compliance period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The NASDAQ Capital Market, with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.

At-the-Market Program

Subsequent to December 31, 2015, the Company sold approximately 50,000 shares of its common stock under the March 2013 Sales Agreement through an “at the market” equity offering program for net proceeds of approximately $17,500. The shares were issued pursuant to an effective registration statement on Form S-3 (333-187230). The net proceeds will be used for general corporate purposes, including, but not limited to, funding of the Company’s clinical trials, commercialization of our products, obtaining regulatory approvals, capital expenditures and working capital. As of March 18, 2016, the Company has approximately $39.9 million remaining under the program. As a result of the sales, the exercise price of the February 2015, July 2015 Series A and Series B Warrants has been adjusted to $0.355.

July 2015 Series B Warrant Exercises and Expirations

The July 2015 Series B Warrants (“Series B Warrants”) expired on January 29, 2016. Prior to expiration, 2.2 million Series B Warrants were exercised for proceeds of approximately $0.8 million. The remaining 7.1 million Series B Warrants expired.