INVO Bioscience, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by INVO Bioscience, Inc. (trading symbol: INVO) on January 12, 2023, regarding an event that occurred on January 11, 2023. The Company is incorporated in Nevada and its common stock is listed on The Nasdaq Capital Market.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The report focuses exclusively on regulatory compliance regarding stock listing standards.
Material Changes
The material event reported is a notice from Nasdaq indicating the Company is not in compliance with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2). This non-compliance is based on the closing bid price of the Company's common stock for the last 30 consecutive business days.
Outlook, Risks, and Contingencies
- Compliance Period: The Company has been granted an initial 180-day period, ending July 10, 2023, to regain compliance.
- Remediation Criteria: Compliance is achieved if the closing bid price remains at or above $1.00 per share for a minimum of 10 consecutive business days before the deadline.
- Secondary Compliance Period: If the Company fails to regain compliance by July 10, 2023, it may be granted a second 180-day period, provided it meets other listing standards and notifies Nasdaq of its intent to cure the deficiency, potentially via a reverse stock split.
- Delisting Risk: Failure to regain compliance within the allotted periods may result in delisting. The Company would be entitled to appeal such a determination to a Nasdaq hearings panel.
- Management Commentary: Management stated it will monitor the stock price and consider available options to regain compliance, though there is no assurance that compliance will be achieved.
Key Facts for Investor Verification
- Verify the current closing bid price of INVO stock relative to the $1.00 threshold.
- Monitor the Company's progress toward the July 10, 2023, compliance deadline.
- Watch for announcements regarding a potential reverse stock split if the initial compliance period expires without resolution.
- Confirm whether the Company meets all other Nasdaq Capital Market listing standards (e.g., market value of publicly-held shares) to qualify for a second compliance period.