SCYNEXIS INC - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by SCYNEXIS, Inc. on December 21, 2018, reporting an event that occurred on December 20, 2018. The company is incorporated in Delaware and is designated as an emerging growth company.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on a regulatory compliance issue regarding the company's stock listing status.
Material Changes
On December 20, 2018, SCYNEXIS received notification from the Nasdaq Stock Market that its common stock closing bid price had been below the $1.00 per share minimum required for continued listing on the Nasdaq Global Market for 30 consecutive business days. This deficiency violates Nasdaq Listing Rule 5450(a)(1).
Outlook, Risks, and Contingencies
- Compliance Period: The company has 180 calendar days, until June 18, 2019, to regain compliance.
- Remediation Path: Compliance can be achieved if the closing bid price reaches at least $1.00 for 10 consecutive business days during the compliance period.
- Transfer Option: If compliance is not met by the deadline, the company may transfer to the Nasdaq Capital Market, potentially qualifying for an additional 180-day period if it meets other listing requirements (excluding bid price) and effects a reverse stock split if necessary.
- Delisting Risk: Failure to qualify for an additional period or cure the deficiency may result in delisting. The company retains the right to appeal a delisting determination to a Nasdaq Hearings Panel.
- Management Action: Management stated it will actively monitor the stock price and evaluate options to resolve the deficiency.
Key Facts for Investor Verification
- Verify the current closing bid price of SCYNEXIS common stock to assess proximity to the $1.00 threshold.
- Monitor the company's stock price performance over the next 10 consecutive business days to determine if immediate compliance is achieved.
- Review future filings for announcements regarding a potential reverse stock split or transfer to the Nasdaq Capital Market.
- Check for any subsequent correspondence from Nasdaq regarding the extension of the compliance period or delisting notices.