ACOR Acorda Therapeutics Inc

As previously disclosed, on June 22, 2022, Acorda Therapeutics, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that, for 30 consecutive business days, the bid price for the Company’s common stock had closed below $1.00 per share (the “Minimum Bid Requirement”) and that the Company had 180 calendar days to regain compliance with the Minimum Bid Requirement.

On December 20, 2022, Nasdaq notified the Company that because it had not satisfied the Minimum Bid Requirement within the initial 180-day compliance period the Company’s common stock would be delisted from the Nasdaq Global Select Market at the opening of business on December 29, 2022 unless the Company requested a hearing before the Nasdaq Hearings Panel. On December 27, 2022, the Company requested a hearing to appeal the delisting determination. On February 2, 2023, a hearing was held before the Nasdaq Hearings Panel and on February 14, 2023, the Company received notice from Nasdaq granting the Company’s request to extend the period for the Company to regain compliance with the Minimum Bid Requirement until June 20, 2023. The Nasdaq Hearings Panel’s decision is subject to the Company’s continued compliance with applicable Nasdaq listing requirements and may be reviewed by the Nasdaq Listing and Hearing Review Council on its own within 45 days.

The Company will actively monitor the closing bid price of its common stock and evaluate available options to regain compliance with the Minimum Bid Requirement, including through effecting a reverse stock split that was approved by the Company’s stockholders at a Special Meeting of Stockholders on November 11, 2022. Should the Company’s board of directors determine to effect a reverse stock split, it will authorize an amendment and restatement of the Company’s certificate of incorporation to combine the Company’s common stock by a ratio of any whole number in the range of 1-for-2 to 1-for-20, and a corresponding reduction in the number of authorized shares of the Company’s common stock. However, there can be no assurance that effecting a reverse stock split will ensure compliance with the Minimum Bid Requirement and the Company cannot predict the effect that a reverse stock split will have on the market price for shares of its common stock.

On February 14, 2023, the Company issued a press release regarding the Panel’s decision to extend the period for the Company to satisfy the Minimum Bid Requirement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated by reference into this Item 3.01.