SEC Filing Summary: Muscle Maker, Inc. (GRIL)
Business Context and Reporting Period
This Form 8-K was filed by Muscle Maker, Inc. (a Nevada corporation) on August 2, 2022. The company is an emerging growth company with its principal executive offices in Fort Worth, Texas. Its common stock trades on The Nasdaq Stock Market under the symbol "GRIL".
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on regulatory compliance regarding stock listing status.
Material Changes and Listing Status
- Non-Compliance Notice: The company previously received notice on February 1, 2022, of non-compliance with Nasdaq Listing Rule 5550(a)(2) due to a failure to maintain a minimum bid price of $1.00 per share for 30 consecutive business days.
- Extension Granted: On August 2, 2022, Nasdaq granted the company an additional 180 calendar days to regain compliance, extending the deadline to January 30, 2023.
- Delisting Risk: If the company fails to regain compliance by the new deadline, its stock will be subject to delisting, at which point the company may appeal to a Nasdaq hearings panel.
Outlook, Risks, and Management Commentary
Management states it will continue to monitor the closing bid price and seek to regain compliance within the allotted period. The filing explicitly notes there can be no assurance that the company will regain compliance during the 180-day extension. No financial guidance or unusual items were disclosed in this report.
Investor Verification Checklist
- Verify the current closing bid price of GRIL to assess proximity to the $1.00 minimum requirement.
- Monitor future 8-K filings for updates on compliance status or potential delisting notices prior to January 30, 2023.
- Review the company's most recent 10-K or 10-Q for financial health metrics not included in this 8-K.
- Confirm if the company has announced a reverse stock split or other corporate actions to address the bid price deficiency.