Business Context and Reporting Period
This Form 8-K was filed by RXi Pharmaceuticals Corporation (also referenced as Phio Pharmaceuticals Corp. in metadata) on November 13, 2018. The report addresses a regulatory notice received on November 12, 2018, regarding the company's listing status on The Nasdaq Capital Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on compliance with Nasdaq listing rules rather than financial performance metrics.
Material Changes
The material event reported is the receipt of a Notification Letter from Nasdaq stating the company is not in compliance with the minimum bid price requirement (Listing Rule 5550(a)(2)). The company's common stock failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days prior to the notice date.
Outlook, Risks, and Contingencies
- Compliance Deadline: The company has 180 calendar days, until May 13, 2019, to regain compliance.
- Remediation Requirement: To comply, the stock must achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days before the deadline.
- Current Status: The notification does not immediately impact the company's listing status.
- Contingency: If compliance is not achieved by May 13, 2019, the company may be eligible for additional time to reach compliance, though delisting remains a risk if requirements are ultimately not met.
Investor Verification Checklist
- Verify the current trading price of RXi Pharmaceuticals common stock to assess proximity to the $1.00 threshold.
- Monitor the stock's closing bid price over the next 10 consecutive business days to determine if the company can meet the immediate compliance criteria.
- Review future filings for any announcements regarding reverse stock splits or other corporate actions intended to address the bid price deficiency.
- Confirm the company's cash position in subsequent 10-Q or 10-K filings, as this 8-K does not disclose liquidity levels.