Business Context and Reporting Period
This Form 8-K is filed by Xcyte Therapies, Inc. (not Bio Green Med Solution, Inc.) on December 12, 2005, reporting an event that occurred on December 6, 2005. The company is a Delaware corporation headquartered in Seattle, Washington.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on regulatory compliance regarding stock listing status.
Material Changes
- Nasdaq Delisting Notice: Xcyte received notice from The Nasdaq Stock Market that it failed to regain compliance with Marketplace Rule 4450(a)(5).
- Reason for Non-Compliance: The bid price of Xcyte's common stock closed below the minimum $1.00 per share requirement for 30 consecutive business days.
- Compliance Period Expired: The company was granted 180 calendar days to regain compliance, which expired on December 5, 2005.
- Preferred Stock Impact: If delisted, the company's 6% convertible exchangeable preferred stock would also be delisted unless it separately meets minimum listing requirements.
Outlook, Risks, and Management Commentary
- Appeal Process: Xcyte intends to appeal the Nasdaq Staff's determination. There is no assurance that the appeal will be successful.
- Listing Status During Appeal: If a timely appeal is filed, the common stock will remain listed on The Nasdaq National Market while the appeal is pending.
- Public Disclosure: A press release announcing the determination was issued on December 12, 2005.
Investor Verification Checklist
- Verify the current status of the appeal filed with The Nasdaq Stock Market.
- Confirm whether the 6% convertible exchangeable preferred stock meets independent listing requirements.
- Monitor the bid price of the common stock to assess future compliance potential.
- Review the press release filed as Exhibit 99.1 for additional details on the non-compliance notice.