Business Context and Reporting Period
This Form 6-K filing by Check-Cap Ltd. (referred to as Mbody AI Ltd. in metadata) covers the period ending December 30, 2020. The registrant is a foreign private issuer based in Israel, reporting on a regulatory matter concerning its listing status on the Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on regulatory compliance regarding stock listing requirements rather than financial performance.
Material Changes
The primary material event is the receipt of a letter from the Nasdaq Listing Qualifications Staff on December 29, 2020. The Company failed to regain compliance with the minimum bid price requirement of $1.00 per share by the December 28, 2020 deadline. Consequently, Nasdaq granted a 180-day extension until June 28, 2021, to cure the deficiency.
Outlook, Risks, and Management Commentary
- Compliance Status: The Company is currently non-compliant with Nasdaq Listing Rule 5550(a)(2) regarding the minimum bid price.
- Management Action: Management intends to monitor the closing bid price and seek to regain compliance within the granted extension period.
- Delisting Risk: If the Company cannot demonstrate compliance by June 28, 2021, Nasdaq staff will notify the Company that its ordinary shares are subject to delisting.
- Historical Context: The Company previously received a non-compliance notice in June 2020, with temporary relief granted due to the COVID-19 pandemic until June 30, 2020.
Investor Verification Checklist
- Verify the current closing bid price of Check-Cap Ltd. ordinary shares to assess progress toward the $1.00 threshold.
- Monitor future filings for updates on the Company's plan to regain compliance before the June 28, 2021 deadline.
- Review the risk of potential delisting from the Nasdaq Capital Market if the extension period expires without compliance.
- Confirm the Company's operational status and financial health through other filings, as this document contains no financial data.