Business Context and Reporting Period
This Form 8-K is filed by Global Partner Acquisition Corp. (not Purple Innovation, Inc.) on September 1, 2017, reporting an event that occurred on August 28, 2017. The registrant is a Delaware corporation listed on The NASDAQ Stock Market LLC.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on regulatory compliance regarding stock listing status.
Material Changes
On August 28, 2017, the Company received written notice from NASDAQ indicating non-compliance with Listing Rule 5550(a)(3). The Company failed to maintain the required minimum of 300 public holders of its common stock.
Outlook, Risks, and Management Commentary
- Compliance Plan: The Company must submit a plan to regain compliance to the NASDAQ Staff by October 12, 2017.
- Extension Possibility: If the plan is accepted, the Company may receive an extension of up to 180 calendar days to demonstrate compliance.
- Delisting Risk: If the plan is rejected, the Company may request a hearing before a Nasdaq Hearings Panel. Securities will remain listed during the hearing process.
- Management Action: The Company intends to timely submit the required compliance plan.
Investor Verification Checklist
- Verify the current number of public holders of Global Partner Acquisition Corp. common stock.
- Confirm the submission date of the compliance plan to NASDAQ (deadline: October 12, 2017).
- Monitor for any updates regarding the acceptance or rejection of the compliance plan by the NASDAQ Staff.
- Check for any subsequent filings regarding the outcome of a potential hearing if the initial plan is rejected.