Cormedix Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Cormedix Inc. on April 22, 2013, reporting events occurring on April 18, 2013. The filing addresses the company's status regarding continued listing standards on the NYSE MKT LLC.
Key Financial Metrics
The filing references financial data from the Form 10-K for the fiscal year ended December 31, 2012. Specifically, the company reported stockholders' equity of less than $2 million as of that date. The filing notes sustained losses in two of the three most recent fiscal years. No specific revenue, profit, cash flow, or debt figures are provided in this document.
Material Changes and Listing Status
- Extension Granted: On April 18, 2013, the NYSE MKT granted an extension until June 30, 2013, to regain compliance with Section 1003(a)(iv) regarding substantial losses and impaired financial condition.
- New Non-Compliance: On April 5, 2013, the NYSE MKT notified the company of non-compliance with Section 1003(a)(i) due to stockholders' equity below $2 million and losses in two of the three most recent fiscal years.
- Compliance Plan Deadline: The company must submit a plan to address the equity and loss standards by May 6, 2013, with a target compliance date of October 20, 2013.
Outlook, Risks, and Contingencies
The company faces the risk of delisting if it fails to meet the continued listing standards for both Section 1003(a)(i) and Section 1003(a)(iv) within the specified timeframes or fails to make progress consistent with its compliance plans. If delisting proceedings are initiated, the company's ability to trade on the NYSE MKT will cease.
Investor Verification Checklist
- Verify the specific stockholders' equity figure reported in the 2012 Form 10-K.
- Confirm the submission date and content of the compliance plan due to the NYSE MKT by May 6, 2013.
- Monitor subsequent filings for acceptance of the compliance plan by the NYSE MKT.
- Review the attached press release (Exhibit 99.1) for additional management commentary.