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Nasdaq Notification of Non-Compliance | 9 Months Ended
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Oct. 31, 2020
Nasdaq Notification Of Non Compliance [Abstract] |
Nasdaq Notification of Non-Compliance | 11. Nasdaq Notification of Non-Compliance On October 13, 2020, the Company received notification from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) that its application to transfer from the Global Select Market to the Capital Market was approved and effective October 19, 2020. This request was in response to the notice from Nasdaq received by the Company in September 2020 that the Company was not in compliance with Nasdaq Listing Rule 5450(b)(1)(A) based on information provided in the Quarterly Report on Form 10-Q for the quarter ended August 1, 2020, which reported that its stockholders’ equity was below the $10.0 million minimum required for continued listing on the Nasdaq Global Market. In addition, as previously reported, in April 2020, the Company received a letter from the Listing Qualifications staff of Nasdaq notifying the Company that, based upon the closing bid price of its common stock for the last 30 consecutive trading days, the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1), as the minimum bid price for the Company’s common stock was less than $1.00 per share for the previous 30 consecutive trading days. At that time, the Company was granted a 180 calendar-day grace period to regain compliance with the minimum bid price requirement. On April 17, 2020, the Company received a follow-up letter from the Listing Qualifications staff notifying the Company that Nasdaq had determined to toll all compliance periods through June 30, 2020. Accordingly, the Company’s 180 calendar-day grace period to regain compliance with the minimum bid price requirement was extended to December 21, 2020. Upon transfer to the Nasdaq Capital Market, the Company was afforded the remainder of this compliance period. On August 12, 2020, the Company received approval from its shareholders to effect a reverse stock split of the Company’s issued and outstanding common stock at a ratio of not less than 1-for-2 and not more than 1-for-5. The Company intends to monitor its compliance with all of the Nasdaq listing requirements and will continue to consider its options to regain compliance. If the Company elects to pursue a reverse stock split, the ratio, timing and implementation of such reverse stock split will be determined in the sole discretion of the Company’s Board of Directors. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements.

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