Business Context and Reporting Period
Cocrystal Pharma, Inc. (COCP), a Delaware corporation, filed this Form 8-K on December 13, 2019. The company is listed on The Nasdaq Capital Market. This report addresses a specific regulatory notice received from Nasdaq regarding the company's stock listing status.
Key Financial Metrics
This filing does not provide financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on a listing compliance issue.
Material Changes
The material event reported is the receipt of a notice from Nasdaq on December 13, 2019, stating that the Company failed to maintain the minimum bid price of $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). The stock remains listed and trading during the compliance period.
Outlook, Risks, and Contingencies
- Grace Period: The Company has an initial 180-calendar-day grace period to regain compliance, ending on June 10, 2020.
- Compliance Requirement: To cure the deficiency, the common stock must close at or above $1.00 per share for at least 10 consecutive business days within the grace period.
- Extension Possibility: If compliance is not met by June 10, 2020, the Company may be eligible for an additional 180-day extension. This requires meeting all other initial listing standards (excluding bid price) and potentially effecting a reverse stock split.
- Delisting Risk: If the Company fails to cure the deficiency or is ineligible for an extension, Nasdaq will notify the Company that its stock is subject to delisting.
- Management Action: Management intends to monitor the bid price and assess options, including a potential reverse stock split, to maintain the listing.
Investor Verification Checklist
- Verify the current trading price of COCP to assess the likelihood of meeting the $1.00 bid price requirement.
- Monitor future announcements regarding the potential implementation of a reverse stock split.
- Check for any subsequent 8-K filings confirming whether the 10-day compliance window was met or if an extension was granted.
- Review the company's most recent 10-K or 10-Q for financial health, as this 8-K contains no financial data.