Item 8.01. Other Events.
On March 27, 2023, Company received a notification from the NYSE American
stating that the Company is back in compliance with the NYSE American continued
listing standards. Specifically, the Company has resolved the continued listing
deficiency with respect to low selling price set forth in Section 1003(f)(v) of
the Company Guide following a 1-for-10 reverse stock split on March 6, 2023.
However, the below compliance (".BC") indicator will remain on the Company's
ticker as the Company continues to be below compliance with Sections
1003(a)(iii) and 1003(a)(ii) of the Company Guide. Specifically, the Company
remains subject to the conditions set forth in the letters from the NYSE
American dated June 15, 2022 (Initial Equity Notification), and December 1, 2022
(Second Equity Notification) for the stockholders' equity noncompliance, both of
which have been disclosed in the Current Reports on Form 8-K filed with the
Securities and Exchange Commission (the "SEC") on June 22, 2022 and December 2,
2022, respectively. Therefore, the Company remains subject to the Equity Plan
(the "Plan") the NYSE American accepted on August 29, 2022. If the Company is
not in compliance with all stockholders' equity standards by December 15, 2023
or does not make progress consistent with the Plan during the Plan period, NYSE
American will initiate delisting proceedings as appropriate. In that case the
Company may appeal a staff determination to initiate delisting proceedings in
accordance with Section 1010 and Part 12 of the Company Guide.
If in the future the Company falls below the continued listing criterion of a
minimum average share price of $0.20 again over a 30-day trading period, the
Company's securities will be subject to immediate review.
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