Business Context and Reporting Period
This Form 8-K is filed by Second Sight Medical Products, Inc. (not Vivani Medical, Inc.) for the reporting period of October 1, 2020. The filing addresses a regulatory notice received from The Nasdaq Stock Market regarding the company's continued listing status.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the stock price performance:
- Stock Price: The closing bid price of the common stock was below $1.00 per share for 30 consecutive business days preceding October 1, 2020.
- Trading Symbol: EYES (Common Stock) and EYESW (Warrants) on the Nasdaq Capital Market.
Material Changes
The material change reported is the receipt of a Notice of Delisting or Failure to Satisfy a Continued Listing Rule from Nasdaq. This notice indicates non-compliance with the Minimum Bid Price Requirement (Rule 5810(c)(3)(A)). The company's stock remains listed but is now subject to a compliance period.
Outlook, Risks, and Management Commentary
- Compliance Period: The company has an initial 180 calendar days from the notice date to regain compliance. Compliance is achieved if the closing bid price is at or above $1.00 for a minimum of 10 consecutive business days.
- Extension Possibility: If the company fails to regain compliance within the initial period but meets other listing standards (such as market value of publicly held shares), it may request an additional 180-day extension.
- Risk of Delisting: Failure to regain compliance by the end of the compliance period (or any extension) will result in the delisting of the common stock.
- Management Action: Management intends to monitor the stock price and may consider implementing available options to regain compliance.
Investor Verification Checklist
- Verify the current closing bid price of Second Sight Medical Products, Inc. (EYES) to assess proximity to the $1.00 threshold.
- Monitor the company's public announcements for any stock split or reverse stock split proposals intended to address the bid price deficiency.
- Check the Nasdaq listing center website for the company's inclusion in the list of non-compliant companies.
- Review subsequent filings for updates on the 180-day compliance timeline and any requests for extensions.