SMX (Security Matters) Public Ltd Co current report, Q1 FY2024

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SMX (Security Matters) Public Limited Company — Form 6-K Summary

Business Context and Reporting Period

SMX, an Irish foreign private issuer, filed a Form 6-K for January 2024. The filing reports that the company received a Nasdaq deficiency letter on January 26, 2024, regarding its ordinary shares’ bid price.

Key Financial Metrics

The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating and financial metrics.

Material Changes Versus the Prior Comparable Period

  • Nasdaq notified the company that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), the Minimum Bid Price Requirement.
  • The company’s closing bid price remained below $1.00 for 30 consecutive business days, from December 11, 2023 through January 25, 2024.

Guidance, Outlook, Risks, and Contingencies

  • The company has until July 24, 2024, to regain compliance.
  • Compliance may be restored if the closing bid price reaches at least $1.00 for a minimum of 10 consecutive business days before the deadline.
  • If the company does not regain compliance, it may be eligible for an additional 180-calendar-day compliance period, subject to meeting Nasdaq’s other applicable continued-listing and initial-listing requirements and notifying Nasdaq of its intention to cure the deficiency, potentially through a reverse stock split.
  • If Nasdaq determines that the company is not eligible for additional time or is unlikely to cure the deficiency, the company’s securities may be subject to delisting. The company could appeal a delisting determination to a Nasdaq Listing Qualifications Panel, but the filing states that there is no assurance such an appeal would succeed.
  • There is no assurance that the company will regain compliance or remain compliant with other Nasdaq listing requirements.
  • The filing includes customary forward-looking statement warnings and refers investors to the company’s SEC filings for additional risk factors.

Important Facts for Investors to Verify

  • Whether SMX’s bid price reached at least $1.00 for 10 consecutive business days before July 24, 2024.
  • Whether Nasdaq granted an additional compliance period or issued a delisting determination.
  • Whether the company pursued or completed a reverse stock split or other action to address the deficiency.
  • The company’s compliance with Nasdaq’s other continued-listing requirements.