Clene Inc. — Form 8-K Summary
Business Context and Reporting Period
Clene Inc. filed a Form 8-K reporting a Nasdaq continued-listing deficiency notice received on August 1, 2023. The filing was signed on August 4, 2023. The company’s common stock trades under CLNN and its warrants under CLNNW on the Nasdaq Capital Market.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other financial results.
Material Change Versus Prior Period
Nasdaq notified the company that its common stock had closed below the required minimum bid price of $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
- The notice had no immediate effect on the listing.
- Clene received 180 calendar days, through January 29, 2024, to regain compliance.
- Compliance may be regained if the stock closes at or above $1.00 for at least 10 consecutive business days, subject to Nasdaq’s confirmation.
Outlook, Risks, and Contingencies
Clene stated that it intends to monitor its stock price and evaluate available options to regain compliance. If compliance is not restored by January 29, 2024, the company may be eligible for an additional 180-day period if it satisfies applicable requirements and notifies Nasdaq of its intent to cure the deficiency, potentially through a reverse stock split.
If the company does not regain compliance within the applicable period, Nasdaq may issue a delisting determination. Clene would have the right to appeal such a determination to a Nasdaq hearings panel. The company stated that there can be no assurance it will regain compliance or satisfy other continued-listing requirements.
Key Facts for Investors to Verify
- Whether Clene regained compliance with Nasdaq’s $1.00 minimum bid-price requirement by January 29, 2024.
- Whether Nasdaq granted an additional compliance period or issued a delisting determination.
- Whether Clene pursued or completed a reverse stock split or another compliance action.
- Whether the company remained compliant with all other Nasdaq listing standards.