SEC Form 8-K Summary
Business context and reporting period
Sacks Parente Golf, Inc. filed a Current Report on Form 8-K regarding a Nasdaq continued-listing deficiency. The report date was June 4, 2024, and the filing was signed June 5, 2024. The provided metadata identifies Newton Golf Company, Inc., but the filing names Sacks Parente Golf, Inc. as the registrant.
Key financial and operating metrics
The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating performance metrics. It states that the Company failed to satisfy Nasdaq’s minimum stockholders’ equity initial listing requirement, but does not provide the relevant equity amount.
Material changes versus the prior comparable period
- On December 5, 2023, Nasdaq notified the Company that its common stock had closed below the $1.00 minimum bid price for 30 consecutive business days.
- The initial 180-day compliance period expired June 3, 2024, without the Company regaining compliance.
- On June 4, 2024, Nasdaq issued a staff determination letter stating that the Company was not eligible for a second 180-day compliance period because it failed to meet Nasdaq’s minimum stockholders’ equity initial listing requirement.
Outlook, risks, contingencies, and unusual items
The Company intends to timely request a hearing before a Nasdaq Hearings Panel. A hearing request will automatically stay any suspension or delisting action pending the hearing and the expiration of any additional extension granted by the Panel.
The Panel may grant an extension of up to 180 days from the date of the determination letter. There is no assurance that an extension will be granted or that the Company will ultimately regain compliance with all applicable Nasdaq listing requirements. Failure to obtain relief or regain compliance could result in suspension or delisting of the Company’s common stock.
Important facts for investors to verify
- Whether the Company timely submitted its Nasdaq hearing request.
- Whether the Hearings Panel granted an extension and the applicable deadlines.
- Whether the Company regained compliance with the $1.00 minimum bid price requirement.
- Whether the Company satisfied Nasdaq’s minimum stockholders’ equity requirement.
- Any subsequent Nasdaq notice concerning suspension, delisting, or continued listing of the common stock trading under the symbol SPGC.