SEC Filing Summary: Form 8-K
Business Context and Reporting Period
Company: AspenBio Pharma, Inc.
Filing Date: August 27, 2010
Reporting Period: Event date of August 27, 2010.
Context: The Company received a notification from The NASDAQ Stock Market LLC regarding a failure to meet the minimum bid price requirement for continued listing on the NASDAQ Capital Market.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the stock price performance:
- Stock Price: Closed below $1.00 per share for the previous 30 consecutive business days.
- Listing Requirement: Minimum bid price of $1.00 per share (NASDAQ Marketplace Rule 5550(a)(2)).
Material Changes
The material change reported is the receipt of a delisting warning notice. The Company's common stock has failed to satisfy the minimum bid price standard for 30 consecutive business days. This notification does not immediately affect the listing status but initiates a compliance period.
Outlook, Risks, and Contingencies
Compliance Period: The Company has been granted 180 calendar days, until February 23, 2011, to regain compliance.
Compliance Path: The stock must close at $1.00 per share or more for a minimum of 10 consecutive business days before February 23, 2011.
Risk of Delisting: If compliance is not achieved by the deadline, the stock will be delisted from the NASDAQ Capital Market.
Appeal Process: In the event of delisting, the Company may appeal the determination to a NASDAQ Listings Qualifications Panel.
Investor Verification Checklist
- Verify the current trading price of AspenBio Pharma, Inc. common stock to assess proximity to the $1.00 threshold.
- Monitor the stock's closing prices over the next 10 consecutive business days to determine if compliance is achieved.
- Review subsequent filings for any updates on the Company's plan to regain compliance or potential reverse stock split announcements.
- Confirm the final listing status by the February 23, 2011 deadline.