Business Context and Reporting Period
This Form 6-K filing by Moxian (BVI) Inc (trading as Abits Group Inc, ticker MOXC) covers the period of October 2023. The report addresses a regulatory notification received from The Nasdaq Stock Market LLC regarding the company's compliance with listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document is a current report focused solely on a listing deficiency and does not contain financial statements or operational metrics.
Material Changes
The material event reported is the receipt of a notification from Nasdaq on October 12, 2023. The company's ordinary shares traded below the minimum closing bid price of $1.00 for 30 consecutive business days, failing to meet Nasdaq Listing Rule 5550(a)(2). This is a compliance issue rather than a change in financial performance.
Guidance, Outlook, and Risks
- Compliance Period: The company has been granted an initial 180-day compliance period ending April 9, 2024, to regain compliance.
- Remediation Criteria: To close the matter, the closing bid price must be at least $1.00 for a minimum of 10 consecutive business days during the compliance period.
- Secondary Grace Period: If compliance is not met by April 9, 2024, the company may be eligible for an additional 180-day grace period. This requires meeting the market value of publicly held shares and other initial listing standards.
- Reverse Stock Split: If a second grace period is utilized, the company may need to effect a reverse stock split, which must be completed no later than ten business days prior to the expiration of that period.
- Trading Status: The notification does not result in immediate delisting; shares will continue to trade under the symbol "MOXC."
Investor Verification Checklist
- Verify the current closing bid price of MOXC shares to assess progress toward the $1.00 threshold.
- Monitor for any press releases or filings regarding a potential reverse stock split before the April 9, 2024 deadline.
- Confirm the company's market value of publicly held shares to ensure eligibility for a potential second grace period.
- Review the attached press release (Exhibit 99.1) for any additional management commentary not included in the form text.