Business Context and Reporting Period
This Form 8-K Current Report was filed by iBio, Inc. on March 4, 2013, covering events occurring on February 26, 2013. The filing addresses a regulatory notice received from NYSE MKT LLC regarding the Company's compliance with continued listing standards.
Key Financial Metrics
The filing references the Company's Form 10-Q for the period ended December 31, 2012, to establish non-compliance with specific listing criteria. The text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. However, it confirms the following financial conditions:
- Stockholders' equity is less than $4,000,000.
- The Company has reported net losses in three of its four most recent fiscal years.
Material Changes
The primary material event is the receipt of a notice from the Exchange indicating the Company is not in compliance with Section 1003(a)(ii) of the listing standards due to the financial conditions noted above. This is a previously anticipated event following a prior letter from the Exchange dated November 21, 2012.
Outlook, Risks, and Contingencies
The Company is not required to submit a new compliance plan and will rely on the plan previously submitted in November 2012. The Exchange has granted a timeframe for compliance extending to October 14, 2013. If the Company fails to meet listing standards by this date or fails to make progress consistent with the Plan, it will be subject to delisting procedures under Section 1010 and Part 12 of the Company Guide.
Investor Verification Checklist
- Verify the specific stockholders' equity and net loss figures in the Form 10-Q for the period ended December 31, 2012.
- Review the details of the compliance plan submitted on November 21, 2012, to understand the milestones required to avoid delisting.
- Monitor the Company's progress toward the October 14, 2013, compliance deadline.
- Check for any subsequent filings regarding the status of the delisting risk or changes in financial condition.