SEC Filing Summary: Spherix Incorporated (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Spherix Incorporated on January 17, 2019, regarding an event dated January 11, 2019. The registrant is an emerging growth company incorporated in Delaware with principal executive offices in New York, NY.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report addresses a regulatory compliance matter rather than financial performance.
Material Changes
On January 11, 2019, the Company received written notice from The NASDAQ Stock Market LLC indicating non-compliance with Nasdaq Listing Rule 5620(a). This rule requires an issuer to hold an annual meeting of shareholders no later than one year after the end of its fiscal year-end. The notice has no immediate impact on the Company's listing or trading of securities on Nasdaq.
Outlook, Management Commentary, and Risks
- Compliance Plan: The Company must submit a plan to regain compliance to the Nasdaq Staff by February 25, 2019.
- Extension Possibility: If the plan is accepted, the Staff may grant an extension of up to 180 calendar days from the fiscal year-end, through July 1, 2019.
- Hearing Rights: If the plan is not accepted, the Company is entitled to request a hearing before a Nasdaq Hearings Panel. Securities would continue to be listed during the pendency of the hearing process.
- Management Action: The Company intends to timely submit a compliance plan for review.
Key Facts for Investor Verification
- Verify the specific date of the Company's last held annual shareholder meeting to confirm the nature of the non-compliance.
- Monitor the submission of the compliance plan by the February 25, 2019 deadline.
- Confirm whether the Nasdaq Staff accepts the plan or if a hearing is required.
- Check for any subsequent filings regarding the status of the listing or the outcome of the hearing process.