Business Context and Reporting Period
Company: Akers Biosciences, Inc. (Note: Input metadata listed "Q", but filing identifies Akers Biosciences, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: May 25, 2018
Reporting Period: The filing addresses a compliance issue regarding the Form 10-Q for the period ended March 31, 2018.
Key Financial Metrics
This filing is a current report regarding regulatory compliance and does not contain financial statements. Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Delisting Notice: On May 22, 2018, NASDAQ notified the Company of non-compliance with Listing Rule 5250(c)(1) due to the failure to file the Form 10-Q for the quarter ended March 31, 2018.
- Compliance Timeline: The Company has 60 calendar days from the notice date to submit a plan to regain compliance.
- Extension Possibility: Upon acceptance of a compliance plan, NASDAQ may grant an extension of up to 180 days from the original filing due date (until November 19, 2018) to regain compliance.
Outlook, Risks, and Management Commentary
- Management Action: The Company states it is working diligently to complete the Quarterly Report.
- Immediate Impact: The notification has no immediate effect on the listing of the Company's common stock on NASDAQ.
- Risks: There is no assurance that the Company will be able to regain compliance with listing requirements or satisfy other NASDAQ criteria.
- Regulatory Disclosure: The Company issued a press release on May 25, 2018, disclosing the receipt of the NASDAQ notification letter.
Investor Verification Checklist
- Verify the status of the Form 10-Q for the period ended March 31, 2018, and whether it has been filed.
- Monitor the submission of a compliance plan to NASDAQ within the 60-day window.
- Confirm whether the Company receives an extension from NASDAQ to file the delinquent report by November 19, 2018.
- Review the attached press release (Exhibit 99.1) for additional details on the Company's response.