Business Context and Reporting Period
This Form 8-K was filed by REED's, INC. on August 23, 2022, regarding a corporate event occurring on the same date. The company is a Delaware corporation with its principal executive offices in Norwalk, CT, and its common stock trades on The NASDAQ Stock Market LLC under the symbol "REED".
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 regulatory compliance issues related to listing standards.
Material Changes and Listing Status
- Delisting Notice: On August 16, 2022, Nasdaq Regulation determined to delist the company's securities from the Nasdaq Capital Market.
- Appeal Filed: On August 23, 2022, the company submitted an appeal to a Nasdaq hearings panel.
- Current Status: The delisting action has been stayed pending a final written decision by the Nasdaq Hearing Panel.
- Compliance Issues: The company failed to meet Listing Rules 5550(a)(2) (minimum bid-price of at least $1 per share) and 5550(b)(1) (stockholders' equity of at least $2,500,000).
Outlook and Management Commentary
A hearing regarding the appeal is scheduled for September 22, 2022. Management intends to address its plan for compliance with the minimum bid-price and stockholders' equity requirements at this hearing. No financial guidance or discussion of operational risks was included in this specific filing.
Investor Verification Checklist
- Verify the outcome of the Nasdaq Hearing Panel scheduled for September 22, 2022.
- Confirm the company's current stock price relative to the $1.00 minimum bid-price requirement.
- Review the most recent 10-Q or 10-K to assess the company's stockholders' equity against the $2,500,000 threshold.
- Monitor for any subsequent filings regarding the final decision on the delisting appeal.