Business Context and Reporting Period
This Form 8-K was filed by AgriForce Growing Systems, Ltd. on April 27, 2023, reporting an event dated April 24, 2023. The filing concerns Nasdaq listing compliance, not operating or financial results. The request metadata identifies AVAX ONE TECHNOLOGY LTD., but the filing names AgriForce Growing Systems, Ltd.; this issuer discrepancy should be verified.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial results.
Material Change Versus Prior Period
On April 24, 2023, Nasdaq notified the Company that it no longer complied with Nasdaq Listing Rule 5550(a)(2), which requires a minimum closing bid price of $1. The deficiency was based on the closing bid price remaining below $1 for 30 consecutive business days from March 9 through April 21, 2023.
Outlook, Risks, and Unusual Items
- The Company received a 180-calendar-day compliance period ending October 23, 2023.
- To regain compliance, the closing bid price must be at least $1 for a minimum of 10 consecutive business days during the compliance period.
- If compliance is not regained by October 23, 2023, the Company may be eligible for additional time or may face delisting.
- The filing includes customary forward-looking statement risk disclosures, including risks related to operations, industry conditions, acquisitions, assumptions, and uncertainties.
Facts Investors Should Verify
- Confirm the correct issuer, because the supplied metadata names AVAX ONE TECHNOLOGY LTD. while the filing names AgriForce Growing Systems, Ltd.
- Verify whether the Company regained the $1 minimum bid-price requirement by October 23, 2023 and whether Nasdaq granted additional compliance time.
- Check subsequent filings for any reverse stock split, delisting notice, appeal, or other actions related to Nasdaq compliance.
- Review separate periodic filings for the Company’s financial condition, liquidity, capital needs, and operating results.