Business Context and Reporting Period
This Form 8-K is filed by Neuralstem, Inc. (not Palisade Bio, Inc., as indicated in the metadata) for the event date of August 8, 2016. The company is a Delaware corporation headquartered in Germantown, Maryland, with its common stock trading on the NASDAQ Capital Market under the symbol "CUR".
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or debt figures. The primary financial metric disclosed is the Market Value of Listed Securities (MVLS), which fell below the $35 million threshold required by NASDAQ Listing Rule 5550(b)(2) for 30 consecutive business days.
Material Changes
- Listing Non-Compliance: The company received notice from NASDAQ regarding non-compliance with the minimum MVLS requirement of $35 million.
- Previous Non-Compliance: The company is also currently non-compliant with the minimum bid price requirement of $1.00 per share, a status disclosed in a prior filing on April 22, 2016.
Guidance, Outlook, and Risks
Compliance Timeline: Neuralstem has 180 calendar days (until February 6, 2017) to regain compliance with the MVLS requirement. To do so, the MVLS must close at $35 million or more for 10 consecutive business days within this period.
Management Commentary: Management intends to monitor the MVLS and evaluate all available options to resolve the non-compliance. There is no assurance that the company will regain compliance.
Risks and Contingencies:
- If the company fails to regain compliance by the deadline, it may appeal the delisting determination to a Nasdaq Hearings Panel.
- Meeting the MVLS requirement does not guarantee compliance with the separate minimum bid price requirement, and vice versa.
- Failure to resolve these issues could result in the delisting of the company's common stock.
Investor Verification Checklist
- Verify the current Market Value of Listed Securities (MVLS) to assess proximity to the $35 million threshold.
- Monitor the daily closing stock price to ensure it remains above the $1.00 minimum bid price requirement (deadline: October 17, 2016).
- Review subsequent filings for updates on the company's strategy to regain compliance or potential delisting appeals.
- Confirm the trading status of the "CUR" symbol on the NASDAQ Capital Market.