Business Context and Reporting Period
This Form 8-K was filed by Second Sight Medical Products, Inc. (trading symbol: EYES) on April 6, 2021, reporting events occurring on April 5, 2021. The filing addresses corporate governance changes and regulatory compliance issues with the Nasdaq Stock Market. Note: The request metadata references "Vivani Medical, Inc.," but the source document explicitly identifies the registrant as Second Sight Medical Products, Inc.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and regulatory status rather than financial performance.
Material Changes
- Board Appointments: The Company appointed Dean Baker to the Board of Directors and the Audit Committee, and Alexandra Larson to the Board of Directors.
- Regulatory Status: Nasdaq notified the Company of a delisting determination due to non-compliance with audit committee composition rules (Listing Rules 5605(b)(1)(A) and 5605(c)(4)).
- Independence Determination: Nasdaq staff determined that Matthew Pfeffer qualifies as an independent director despite his prior role as Acting CEO.
Outlook, Risks, and Management Commentary
Delisting Risk and Cure: The Company faced a potential delisting date of April 14, 2021, if the audit committee deficiency was not cured. Management believes the appointment of Dr. Dean Baker, who qualifies as a financial expert and independent director, cures the non-compliance.
Related Party Note: New director Alexandra Larson is employed by an entity controlled by the Company's Chairman of the Board, though no transactions requiring Item 404(a) disclosure were identified.
Investor Verification Checklist
- Verify that Nasdaq has formally accepted the appointment of Dean Baker as a cure for the audit committee deficiency to avoid delisting.
- Confirm the continued listing status of the Common Stock (EYES) and Warrants (EYESW) on Nasdaq.
- Review the attached press release (Exhibit 99.1) for additional details on the new directors' backgrounds.
- Monitor future filings for any financial updates, as this 8-K contains no financial data.