Form 8-K Summary
Registrant: Blue Water Biotech, Inc. The request identifies Onconetix, Inc.; however, the filing text names Blue Water Biotech, Inc.
Report date: August 22, 2023, with the report signed and filed August 28, 2023. The filing concerns the quarter ended June 30, 2023.
Business Context and Reporting Period
The company reported that Nasdaq notified it of noncompliance with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Form 10-Q for the quarter ended June 30, 2023.
Financial and Liquidity Information
- The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating metrics.
- The Form 10-Q was not available at the time of the notice, so the company’s financial condition for the quarter is not disclosed in this filing.
Material Changes and Listing Status
- The company has 60 calendar days from the August 22, 2023 notice to submit Nasdaq with a specific plan to regain and sustain compliance.
- If Nasdaq accepts the plan, it may grant an exception of up to 180 calendar days from the Form 10-Q due date, potentially through February 10, 2024.
- The notice had no immediate effect on the listing or trading of the company’s securities on Nasdaq.
- If the plan is rejected, the company may appeal to a Nasdaq Hearing Panel.
Outlook, Risks, and Unusual Items
The company stated that it was working to finalize and file the Form 10-Q as soon as practicable but could not provide a filing date. The delay relates to an ongoing review of employee expenditures and their classification, previously disclosed in another Form 8-K filed on August 22, 2023.
There is no assurance that Nasdaq will accept the company’s compliance plan or that the company will regain compliance within any extension period. Failure to regain compliance, including within any approved extension, could result in delisting from Nasdaq.
Key Facts for Investors to Verify
- Whether the delayed Form 10-Q for the quarter ended June 30, 2023 was subsequently filed.
- Whether Nasdaq accepted the company’s compliance plan and granted an extension.
- Whether the employee-expenditure review resulted in accounting adjustments, restatements, internal-control issues, or additional disclosures.
- Whether the company remained listed on Nasdaq or became subject to delisting proceedings.
- The company’s financial results, cash balance, liabilities, and liquidity once the Form 10-Q became available.