8-K Summary
Business Context and Reporting Period
Sacks Parente Golf, Inc. filed a Form 8-K dated December 5, 2023, reporting a Nasdaq listing compliance matter. The filing is not a financial-results report and does not provide revenue, earnings, cash flow, or balance-sheet information.
Material Listing Compliance Notice
- Nasdaq notified the company that its common stock had failed to maintain the minimum closing bid price of $1.00 per share for 30 consecutive business days under Nasdaq Listing Rule 5550(a)(2).
- The notice had no immediate effect on the company’s listing on the Nasdaq Capital Market.
- The company received 180 calendar days, through June 3, 2024, to regain compliance.
- Compliance may be achieved if the stock’s minimum closing bid price is at least $1.00 for a minimum of 10 consecutive business days during the applicable compliance period.
- If eligible, the company may receive a second 180-day compliance period, subject to meeting Nasdaq’s market-value and other continued-listing requirements and notifying Nasdaq of its intent to cure the deficiency.
Management Commentary, Risks, and Contingencies
The company stated that it plans to assess potential actions to regain compliance and expects its shares to remain listed and traded during the compliance period or periods. The company cautioned that it may be unable to regain compliance, in which case Nasdaq could issue a delisting notice and the common stock could be delisted.
Financial Metrics and Liquidity
The filing text does not provide clear values for revenue, profit, margins, cash flow, debt, liquidity, or other financial metrics.
Key Facts to Verify
- Whether the company regained compliance by June 3, 2024 or obtained a second compliance period.
- Whether the stock maintained a closing bid price of at least $1.00 for the required 10 consecutive business days.
- Whether Nasdaq imposed any subsequent delisting action or other listing conditions.
- Any corporate actions undertaken to address the bid-price deficiency, including a potential reverse stock split or other capital-markets transaction.