Business Context and Reporting Period
Company: Bone Biologics Corp (BBLG)
Filing Type: Form 8-K (Current Report)
Date of Report: November 17, 2022
Reporting Period: Event date November 17, 2022; Signed November 21, 2022
Context: The Company received a notice from the Nasdaq Stock Market LLC regarding non-compliance with listing standards.
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 status regarding stock listing requirements.
Material Changes
- Listing Status: The Company received a written notice from Nasdaq stating it has failed to maintain the minimum closing bid price of $1.00 per share for 30 consecutive business days.
- Immediate Effect: The notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
Guidance, Outlook, and Risks
- Compliance Period: The Company has been granted an initial 180-calendar-day compliance period ending May 16, 2023, to regain compliance.
- Remediation Path: To regain compliance, the stock must close at or above $1.00 per share for a minimum of 10 consecutive business days during the compliance period.
- Secondary Period: If the initial period is unsuccessful, the Company may be afforded a second 180-day period if it meets all other initial listing standards (excluding bid price) and notifies Nasdaq of its intent to cure.
- Risk of Delisting: If the Company fails to regain compliance during the available periods, Nasdaq may issue a delisting notice, resulting in the removal of the Company's common shares from the exchange.
- Management Action: The Company plans to assess potential actions to regain compliance but acknowledges it may be unable to do so.
Investor Verification Checklist
- Verify the current closing bid price of BBLG stock to assess proximity to the $1.00 threshold.
- Monitor the Company's stock price for 10 consecutive business days to determine if the initial compliance requirement is met.
- Review future filings for updates on the Company's intent to utilize a second compliance period if the first expires without success.
- Check for any reverse stock split announcements, which are a common method to address minimum bid price deficiencies.