Business Context and Reporting Period
Company: Oragenics, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 27, 2008 (Event Date)
Reporting Period: Specific event regarding delisting notice received on October 27, 2008.
Key Financial Metrics
This filing does not provide specific revenue, profit, cash flow, or debt figures. However, it discloses the following financial conditions as the basis for the delisting notice:
- Stockholders' Equity: Less than $4 million.
- Profitability: The company has sustained losses in three of its four most recent fiscal years.
Material Changes
The primary material change is the receipt of a formal notice from NYSE Alternext US LLC (formerly the American Stock Exchange) confirming the intent to delist the Company's common stock. This action follows the expiration of a compliance plan period on October 27, 2008, during which the Company failed to regain compliance with listing standards.
Outlook, Risks, and Management Commentary
- Appeal Process: On October 31, 2008, the Company filed a request to appeal the delisting determination and requested a hearing before an Exchange panel.
- Timeline: A hearing date has not been set but is expected within 45 days. The stock will remain listed pending the outcome.
- Compliance Plan: Management is working on a plan of compliance to present at the hearing. There is no assurance that continued listing will be granted.
- Risk: The primary risk is the potential removal of the Company's stock from the NYSE Alternext US exchange due to failure to meet Section 1003(a)(ii) of the Company Guide.
Investor Verification Checklist
- Verify the current status of the appeal hearing scheduled with NYSE Alternext US.
- Review the specific "plan of compliance" the Company intends to present to the Exchange panel.
- Confirm the Company's most recent audited financial statements to validate the stockholders' equity and loss history cited in the notice.
- Monitor for any subsequent filings regarding the final decision on the delisting application.