Business Context and Reporting Period
Vivos Therapeutics, Inc. (VVOS), a Delaware corporation, filed this Form 8-K on August 21, 2023, regarding an event that occurred on August 17, 2023. The Company is an emerging growth company with its principal executive offices in Littleton, Colorado.
Key Financial Metrics
The filing specifically addresses stockholders' equity rather than operational performance metrics.
- Stockholders' Equity: Approximately $2,106,000 as of June 30, 2023.
- Nasdaq Minimum Requirement: $2,500,000.
- Revenue, Profit, Cash Flow, Debt: The filing text does not provide clear values for these metrics.
Material Changes and Listing Status
The Company received a notice from the Nasdaq Listing Qualifications Staff indicating non-compliance with Nasdaq Listing Rule 5550(b)(1) due to stockholders' equity falling below the $2,500,000 threshold. As of the date of the notice, the Company's stockholders' equity was approximately $2,106,000. This notice has no immediate impact on the listing of the Company's common stock on Nasdaq.
Outlook, Risks, and Contingencies
Compliance Plan and Timeline:
- The Company has 45 calendar days (until October 2, 2023) to submit a plan to regain compliance.
- If the plan is accepted, the Company may receive an extension of up to 180 calendar days (through February 13, 2024) to meet the requirement.
- There is no assurance that Nasdaq will accept the Company's plan or that the Company will regain compliance within any granted extension period.
- Failure to regain compliance could result in a delisting determination.
- In the event of a delisting determination, the Company is entitled to request a hearing before a Nasdaq Hearings Panel, which would stay any delisting action.
Investor Verification Checklist
- Verify the Company's submission of a compliance plan to Nasdaq by October 2, 2023.
- Monitor the status of the plan's acceptance by the Nasdaq Listing Qualifications Staff.
- Review the Company's Form 10-Q for the period ended June 30, 2023, for detailed financial context regarding the equity shortfall.
- Watch for any announcements regarding a potential hearing request if the plan is rejected or compliance is not met.