Business Context and Reporting Period
This Form 6-K filing by Moxian (BVI) Inc. (trading as Abits Group Inc., ticker MOXC) covers the period of November 2022. The report addresses a regulatory notification received from The Nasdaq Stock Market LLC regarding the company's compliance with listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance and listing status rather than financial performance data.
Material Changes
The primary material event is the receipt of a notification from Nasdaq on November 11, 2022, stating that the company's Class A common shares closed below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
Outlook, Risks, and Contingencies
- Compliance Period: The company has been granted an initial 180-day compliance period ending May 10, 2023, to regain compliance.
- Remediation Criteria: To close the matter, the closing bid price must be at least $1.00 for a minimum of 10 consecutive business days during the compliance period.
- Delisting Risk: Failure to regain compliance by May 10, 2023, may result in delisting unless the company qualifies for an additional 180-day grace period.
- Grace Period Requirements: To qualify for the second grace period, the company must meet all other initial listing standards (excluding bid price) and may need to effect a reverse stock split, which must be completed at least ten business days before the second period expires.
- Trading Status: Shares will continue to trade uninterrupted under the symbol "MOXC" during this process.
Investor Verification Checklist
- Verify the current closing bid price of MOXC shares to assess progress toward the $1.00 threshold.
- Monitor for any announcements regarding a reverse stock split or other capital structure changes.
- Check for subsequent filings confirming whether the 10-day compliance window was met prior to May 10, 2023.
- Review the company's market value of publicly held shares to ensure eligibility for the potential second grace period.