Business Context and Reporting Period
This Form 8-K was filed by Trovagene, Inc. (not Cardiff Oncology, Inc.) on September 13, 2018, reporting events occurring on September 7, 2018. The registrant is a Delaware corporation headquartered in San Diego, CA.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on regulatory compliance status regarding stock listing requirements.
Material Changes
The material change reported is the receipt of a formal notice from The Nasdaq Stock Market LLC indicating that the Company's common stock is subject to delisting. This action follows the Company's continued failure to comply with Nasdaq Listing Rule 5450(a)(2) (Minimum Bid Price Rule), as the stock price remained below $1.00 per share for 30 consecutive business days. The Company had previously been granted two 180-day grace periods to regain compliance, the second of which expired on September 4, 2018.
Outlook, Risks, and Management Commentary
- Management Action: The Company plans to timely request a hearing before a Nasdaq Hearings Panel. This request will stay any further delisting action pending the Panel's decision.
- Strategy: The Company is considering all options to regain compliance with the Minimum Bid Price Rule.
- Risks: There is no assurance that the Panel will grant the request for continued listing or that the Company will be able to demonstrate compliance within any additional time period granted.
Investor Verification Checklist
- Verify the current status of the Nasdaq Hearings Panel request and any subsequent rulings.
- Monitor the Company's stock price to determine if it has risen above the $1.00 threshold.
- Review any future filings for updates on the Company's plan to regain compliance or potential delisting to the OTC market.
- Confirm the identity of the registrant as Trovagene, Inc., noting the discrepancy with the metadata provided in the request.