Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
As previously reported, on
On
The Company's board of directors has reviewed this matter, and has directed
management to file an appeal of Nasdaq's determination with the
This summary is not intended to include all terms of the Noncompliance Notice, which is filed as Exhibit 99.1 to this Current Report on Form 8-K and are incorporated by reference into this Item 3.01.
Item 8.01 is incorporated herein by reference.
Item 8.01 Other Events.
Our common stock could be delisted from Nasdaq, which would seriously harm the liquidity of our common stock. Nasdaq requires listing issuers to comply with certain standards in order to remain listed on its exchange. If, for any reason, Nasdaq should delist our common stock from trading on its exchange and we are unable to obtain listing on another reputable national securities exchange, a reduction in some or all of the following may occur, each of which could materially adversely affect our stockholders:
? the liquidity and marketability of our common stock;
? the market price of our common stock;
? our ability to obtain financing for the continuation of our operations;
? the number of institutional and general investors that will consider investing in our common stock;
? the number of market makers in our common stock;
? the availability of information concerning the trading prices and volume of our common stock; and
? the number of broker-dealers willing to execute trades in shares of our common stock.
In addition, if we fail to regain compliance to be eligible to trade on Nasdaq, we may have to pursue trading on a less recognized or accepted market, such as the over the counter markets, our stock may be traded as a "penny stock" which would make transactions in our stock more difficult and cumbersome, and we may be unable to access capital on favorable terms or at all, as companies trading on alternative markets may be viewed as less attractive investments with higher associated risks, such that existing or prospective institutional investors may be less interested in, or prohibited from, investing in our common stock. This may also cause the market price of our Class A common stock to further decline.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements. Statements
made in this report that are not historical facts are "forward-looking"
statements (within the meaning of Section 21E of the Securities Exchange Act of
1934) that involve risks and uncertainties and are subject to change at any
time. These "forward-looking" statements may include, but are not limited to,
statements containing words such as "may," "should," "could," "would," "expect,"
"plan," "goal," "anticipate," "believe," "estimate," "predict," "potential,"
"continue," or similar expressions. We have based these forward-looking
statements on our current expectations and projections about future results.
Although we believe that our opinions and expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements, and our actual results may
differ substantially from statements made herein. More information on factors
that could affect our business and financial results are included in our public
filings made with the
Item 9.01 - Financial Statements and Exhibits
Exhibit No. Exhibit 99.1 Determination Letter from Nasdaq, datedNovember 23, 2022 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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