SEC Form 8-K Summary
Business Context and Reporting Period
Moving iMage Technologies, Inc. reported a NYSE American continued-listing compliance issue on February 23, 2022. The issue arose because the company did not timely file its Quarterly Report on Form 10-Q for the quarter ended December 31, 2021. The 8-K was signed and furnished on March 1, 2022.
The company’s common stock trades on the NYSE American under the symbol MITQ.
Financial Metrics and Liquidity
This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating-financial metrics. The delayed Form 10-Q was not included in the filing.
Material Changes and Listing Status
- NYSE Regulation notified the company that it was not in compliance with the Exchange’s timely filing requirements under Section 1007 of the NYSE American Company Guide.
- The company received an initial cure period of six months, through August 23, 2022, to file the delayed Form 10-Q.
- During the cure period, the securities were expected to continue trading with a late-filer “.LF” indicator, and the company was to be identified as a NYSE American noncompliant issuer on the Exchange’s website.
Outlook, Risks, and Unusual Items
The company stated that it intended to file the delayed Form 10-Q as soon as practicable.
If the company failed to file during the initial cure period, NYSE American could, at its discretion, grant an additional cure period of up to six months. If no additional period were granted, or if the company failed to cure the delinquency within any additional period, suspension and delisting procedures could commence.
NYSE American also reserved the right to deny or shorten a cure period and begin suspension or delisting procedures earlier if the company became subject to other delisting provisions or continued listing was deemed inadvisable or unwarranted.
The company issued a related press release dated March 1, 2022, furnished as Exhibit 99.1. The press release was not deemed filed for purposes of Section 18 of the Exchange Act unless expressly incorporated by reference.
Important Facts for Investors to Verify
- Whether the company filed the delayed Form 10-Q by August 23, 2022.
- Whether NYSE American granted an additional cure period or initiated suspension or delisting procedures.
- The financial results, liquidity position, debt obligations, and any material disclosures in the delayed Form 10-Q.
- Whether the late-filer “.LF” indicator was removed and the company regained compliance with NYSE American listing standards.