Spectral AI, Inc. Form 8-K Summary
Business Context and Reporting Period
Spectral AI, Inc. filed a Current Report on Form 8-K regarding a Nasdaq continued-listing deficiency notice received on June 3, 2024. The report was signed and dated June 5, 2024. The filing does not report operating or financial results for a fiscal period.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.
Material Change and Nasdaq Listing Status
- Nasdaq notified the Company that its common stock had not satisfied Nasdaq Listing Rule 5550(b)(2), which requires a minimum market value of listed securities of $35 million.
- The deficiency was based on the Company’s closing bid price and market value of listed securities over the last 31 consecutive business days.
- The notice had no immediate effect on the listing. The Company’s common stock remained listed on The Nasdaq Global Market.
- The Company received 180 calendar days, through December 2, 2024, to regain compliance.
- Compliance generally requires the Company’s common stock market capitalization to close at or above $35 million for at least 10 consecutive business days, subject to Nasdaq’s discretion to extend the measurement period to 20 business days.
Outlook, Risks, and Contingencies
If the Company did not regain compliance by December 2, 2024, Nasdaq could grant a second 180-day compliance period if the Company met the other applicable initial listing standards and notified Nasdaq of its intent to cure the deficiency.
If the Company failed to regain compliance during the available review periods, Nasdaq could issue a delisting notice. The Company would then have the right to appeal to a Nasdaq hearings panel. The filing states that there can be no assurance the Company will regain compliance, obtain a second review period, or remain compliant with other Nasdaq listing requirements.
Key Facts for Investors to Verify
- Whether the Company’s market capitalization reached at least $35 million for the required consecutive-business-day period.
- Whether Nasdaq granted any additional compliance period after December 2, 2024.
- Whether the Company received a subsequent delisting determination or appealed any such determination.
- The Company’s compliance with all other Nasdaq continued-listing requirements.