Business Context and Reporting Period
Company: RXi Pharmaceuticals Corporation (Note: Metadata lists "Phio Pharmaceuticals Corp.", but the filing text identifies the registrant as RXi Pharmaceuticals Corporation).
Filing Type: Form 8-K (Current Report)
Date of Report: February 2, 2017
Event: Notice of delisting or failure to satisfy a continued listing rule regarding minimum bid price requirements 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 report focuses exclusively on regulatory compliance regarding stock listing standards.
Material Changes
- Listing Status: The Company received a Notification Letter from Nasdaq stating it is not in compliance with Listing Rule 5550(a)(2) due to the common stock's closing bid price failing to maintain a minimum of $1.00 per share for 30 consecutive business days.
- Immediate Impact: The Notification Letter does not impact the Company's listing on The Nasdaq Capital Market at this time.
Outlook, Risks, and Management Commentary
- Compliance Deadline: The Company has 180 calendar days, until August 1, 2017, to regain compliance.
- Compliance Requirement: To regain compliance, the bid price must close at or above $1.00 per share for a minimum of 10 consecutive business days prior to the August 1, 2017 deadline.
- Contingency: If the Company fails to regain compliance by August 1, 2017, it may be eligible for additional time to reach compliance.
Investor Verification Checklist
- Verify the current trading price of RXi Pharmaceuticals Corporation 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 compliance requirement before the August 1, 2017 deadline.
- Review subsequent filings for any announcements regarding reverse stock splits or other corporate actions intended to address the bid price deficiency.
- Confirm the registrant name discrepancy between the metadata ("Phio Pharmaceuticals Corp.") and the filing text ("RXi Pharmaceuticals Corporation").