Business Context and Reporting Period
This Form 8-K is filed by Oncobiologics, Inc. (noting a discrepancy with the metadata name "Outlook Therapeutics, Inc.") for the reporting date of December 28, 2017. The company is an emerging growth company incorporated in Delaware with principal executive offices in Cranbury, New Jersey.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the market value of listed securities, which fell below the required threshold of $50,000,000.
Material Changes
The material change reported is the receipt of written notice from the NASDAQ Listing Qualifications Staff indicating non-compliance with the minimum market value requirement for continued listing on The Nasdaq Global Market (Rule 5450(b)). This non-compliance persisted for 30 consecutive business days prior to the initial notice on June 28, 2017, and the subsequent 180-day grace period expired on December 26, 2017.
Outlook, Risks, and Management Commentary
- Action Taken: The Company timely requested a hearing before the Nasdaq Hearings Panel, which has stayed any further delisting action by the Staff.
- Management Plan: The Company intends to present a plan to evidence compliance with listing criteria at the hearing and request continued listing pending a return to compliance.
- Risks and Contingencies: There is no assurance that the Panel will grant the request for continued listing or that the Company will successfully regain compliance within the time period granted.
Investor Verification Checklist
- Verify the current market value of the Company's listed securities to assess the gap from the $50,000,000 requirement.
- Monitor the outcome of the hearing before the Nasdaq Hearings Panel regarding the delisting notice.
- Review the specific compliance plan the Company intends to present to the Panel.
- Confirm the Company's status as an emerging growth company and its election regarding extended transition periods for accounting standards.