Business Context and Reporting Period
This Form 8-K is a current report filed by AgeX Therapeutics, Inc. (trading symbol: AGE) on November 17, 2021. The company is incorporated in Delaware and its common stock is registered on the NYSE American. The filing addresses a regulatory notice regarding the company's compliance with continued listing standards.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or debt figures. However, it discloses the following financial conditions triggering the regulatory notice:
- Stockholders' Equity: Less than $2,000,000.
- Operating Performance: The company has incurred losses from continuing operations and/or net losses during its two most recent fiscal years.
- Historical Performance: The company has incurred losses from continuing operations and/or net losses during three out of its four most recent fiscal years, with stockholders' equity below $4,000,000 during that period.
Material Changes and Regulatory Status
On November 17, 2021, AgeX received a Deficiency Letter from the NYSE American staff indicating non-compliance with Section 1003(a)(i) and (ii) of the Exchange Company Guide due to the financial metrics noted above. This constitutes a material change in the company's listing status, placing it at risk of delisting.
Outlook, Management Commentary, and Risks
Compliance Plan: AgeX intends to submit a plan to the Exchange staff by December 17, 2021, outlining actions to achieve compliance with listing standards by June 17, 2023. There is no assurance the Exchange will accept this plan.
Delisting Risk: If the plan is not submitted, not accepted, or if the company fails to show progress consistent with the plan by the June 17, 2023 deadline, the Exchange will commence delisting procedures.
Contingency: If delisted from the NYSE American, AgeX intends to arrange for its common stock to be quoted on an electronic interdealer quotation system.
Forward-Looking Statements: The company includes standard disclaimers that actual results may differ materially from anticipated results due to various risk factors.
Investor Verification Checklist
- Verify the submission and acceptance status of the compliance plan by the December 17, 2021 deadline.
- Monitor quarterly progress reports regarding the company's stockholders' equity and loss reduction.
- Confirm whether the stock remains listed on the NYSE American or has moved to an alternative quotation system.
- Review the company's most recent 10-K or 10-Q filings for detailed financial statements not included in this 8-K.