Stereotaxis, Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Stereotaxis, Inc. on June 21, 2013, regarding events occurring on June 18, 2013. The Company is a Delaware corporation headquartered in St. Louis, Missouri.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report references a failure to meet the NASDAQ Listing Rule 5450(b) requirement of $50.0 million in total assets and total revenue for the most recently completed fiscal year or two of the last three fiscal years.
Material Changes
On June 18, 2013, the NASDAQ Listing Qualifications Staff denied the Company's request for an extension to evidence compliance with the requirements for continued listing on The NASDAQ Global Market. This denial follows a previous notification on March 20, 2013, that the Company did not satisfy the asset and revenue thresholds.
Outlook, Risks, and Management Commentary
- Delisting Risk: The Company's securities are subject to delisting from NASDAQ unless a hearing is requested.
- Management Action: The Company intends to request a hearing before the NASDAQ Listing Qualifications Panel to present a plan to achieve compliance with the lower requirements of The NASDAQ Capital Market.
- Transfer Request: The Company seeks a transfer of its listing from The NASDAQ Global Market to The NASDAQ Capital Market and an extension of time to achieve compliance.
- Timeline: A hearing request will automatically stay the delisting. The Panel may grant an exception for a maximum of 180 calendar days from the determination letter date, extending through December 16, 2013.
- Uncertainty: Management states there can be no assurance that the Panel will grant the request for transfer or an extension.
Investor Verification Checklist
- Confirm the status of the hearing request before the NASDAQ Listing Qualifications Panel.
- Verify the Company's plan to meet The NASDAQ Capital Market listing requirements.
- Monitor the Panel's decision regarding the transfer of listing and any granted extension period.
- Review the Company's most recent financial statements to assess the specific shortfall in total assets and total revenue.