Business Context and Reporting Period
This Form 8-K was filed by XpresSpa Group, Inc. (formerly FORM Holdings Corp.) on March 16, 2018. The report addresses a regulatory notification received from The Nasdaq Stock Market regarding the company's continued listing status.
Key Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity. The only quantitative metric disclosed is the stock price performance: the closing bid price of the Company's securities remained below $1.00 per share for the last 30 consecutive business days.
Material Changes
The material event reported is the receipt of a Nasdaq notification letter citing non-compliance with Listing Rule 5550(a)(2) due to the sustained low stock price. This represents a potential threat to the company's listing status on The Nasdaq Capital Market.
Outlook, Risks, and Contingencies
- Compliance Period: The Company has 180 calendar days, until September 12, 2018, to regain compliance.
- Compliance Requirement: To maintain listing, the closing bid price must be at least $1.00 per share for a minimum of ten consecutive business days.
- Contingencies: If compliance is not achieved by the deadline, the Company may be eligible for additional time or may request a hearing before a Hearings Panel. Failure to resolve the issue could result in delisting.
Investor Verification Checklist
- Verify the current stock price and whether it has sustained a closing bid of $1.00 or higher for ten consecutive business days.
- Monitor subsequent filings for updates on the Company's compliance status or any hearing requests filed with Nasdaq.
- Review the Company's broader financial health in recent 10-K or 10-Q filings to understand the underlying causes of the stock price decline.