ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING On May 17, 2005, IMPAX Laboratories, Inc. ("IMPAX") received a Nasdaq Staff determination letter (the "May 17th Letter") indicating that IMPAX failed to comply with the requirement for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(14) because IMPAX failed to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2005 (the "First Quarter 2005 Form 10-Q"). As previously reported, on April 5, 2005 IMPAX received a Nasdaq Staff determination letter indicating that IMPAX failed to comply with the requirement for continued listing set forth in NASDAQ Marketplace Rule 4310(c)(14) because IMPAX failed to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2004 (the "2004 Form 10-K") with Nasdaq and, therefore, IMPAX's common stock would be subject to delisting from The Nasdaq Stock Market.
The May 17th Letter said that the Nasdaq Listing Qualifications Panel would consider the First Quarter 2005 Form 10-Q filing delinquency in rendering a determination regarding IMPAX's continued listing on The Nasdaq National Market. IMPAX appeared at a hearing before a Nasdaq Listing Qualifications Panel on May 19, 2005 to review the Staff's determination to delist IMPAX's common stock, although there can be no assurance that the Panel will grant IMPAX's request for continued listing. To date, IMPAX has not received any decision from the Nasdaq Listing Qualifications Panel.
A copy of Impax's press release concerning the foregoing is attached as Exhibit 99.1 to this Form 8-K and is furnished herewith for purposes of Regulation FD.