Business Context and Reporting Period
This Form 8-K Current Report was filed by ChromaDex Corporation on April 12, 2016. The filing reports on a corporate action approved by the Board of Directors on March 7, 2016, and authorized by shareholders on June 4, 2015. The primary event is the implementation of a reverse stock split to address listing requirements with The NASDAQ Capital Market.
Key Financial Metrics
This filing is a current report regarding a corporate governance action and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial performance metrics.
Material Changes
- Reverse Stock Split: The Company effected a one-for-three reverse stock split of its issued and outstanding common stock.
- Effective Date: The split became effective on April 13, 2016, at 12:01 AM Eastern Daylight Time.
- Share Consolidation: Every three pre-split shares were combined into one post-split share. No fractional shares were issued; holders entitled to fractions received the next higher whole share.
- Trading Symbol: The ticker symbol temporarily changed to "CDXCD" for up to 20 trading days or until relisting on The NASDAQ Capital Market, after which it reverted to "CDXC".
- CUSIP Number: The post-split common stock was assigned a new CUSIP number: 171077407.
Outlook, Risks, and Management Commentary
Purpose: The reverse stock split was executed to enable the Company to satisfy the minimum stock price requirement of The NASDAQ Capital Market.
Next Steps: The Company must achieve a minimum closing price of $3.00 per share for five trading days. Upon satisfying this requirement, NASDAQ will further consider the Company's listing application.
Risks: The filing implies a risk of continued non-compliance with NASDAQ listing standards if the post-split share price does not meet the $3.00 threshold.
Investor Verification Checklist
- Verify the current trading status and ticker symbol (CDXCD vs. CDXC) on the relevant exchange.
- Confirm the adjusted share count and price per share following the one-for-three consolidation.
- Monitor the stock's closing price to determine if the $3.00 minimum requirement for five consecutive trading days has been met.
- Review the Company's subsequent filings for confirmation of relisting on The NASDAQ Capital Market.