Business Context and Reporting Period
Company: MiMedx Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 14, 2018 (Event Date); May 18, 2018 (Signature Date)
Context: The filing addresses a regulatory compliance issue regarding the timely submission of periodic financial reports to the Securities and Exchange Commission (SEC) and Nasdaq.
Key Financial Metrics
This filing is a current report regarding listing compliance and does not contain financial statements. Consequently, the document provides no data on revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The material event reported is the receipt of a notice from Nasdaq indicating that the Company's common stock no longer complies with Listing Rule 5250(c)(1). This non-compliance is due to the failure to file:
- The quarterly report on Form 10-Q for the period ended March 31, 2018.
- The annual report on Form 10-K for the period ended December 31, 2017.
The notice has no immediate effect on the listing status of the stock.
Outlook, Risks, and Management Commentary
Compliance Plan and Timeline: The Company has previously submitted a plan to regain compliance. Nasdaq may grant an exception to remain listed for up to 180 calendar days from the due date of the initial delinquent filing. Any additional exception is limited to a maximum of 180 days from the initial due date, or until August 28, 2018.
Risks: The primary risk is the potential delisting of the Company's common stock from Nasdaq if the delinquent filings are not submitted by the August 28, 2018 deadline.
Disclosure: The Company issued a press release regarding these matters, which is included as Exhibit 99.1. Information under Item 7.01 is considered "furnished" and not "filed" for purposes of Section 18 of the Exchange Act.
Investor Verification Checklist
- Verify the status of the Form 10-K for the year ended December 31, 2017, and the Form 10-Q for the quarter ended March 31, 2018.
- Monitor the Company's ability to file the delinquent reports before the August 28, 2018 deadline to avoid delisting.
- Review the press release (Exhibit 99.1) for any additional details on the compliance plan not included in the 8-K text.
- Check for any subsequent 8-K filings regarding the acceptance or rejection of the compliance plan by Nasdaq.