Stereotaxis, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Stereotaxis, Inc. on March 25, 2013, regarding an event that occurred on March 20, 2013. The filing addresses a notification received from The Nasdaq Stock Market concerning the Company's compliance with continued listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, or debt. However, it references the following financial thresholds that the Company failed to meet:
- Total Assets and Revenues: The Company did not meet the requirement of $50.0 million in total assets and total revenues for the most recently completed fiscal year or for two of the last three most recently completed fiscal years.
- Stockholders' Equity: Reported as less than $10.0 million.
- Market Value of Listed Securities: Reported as less than $50.0 million.
Material Changes and Listing Status
The primary material change is the Company's non-compliance with Nasdaq Listing Rule 5450(b)(3)(A) and the alternative requirements of Listing Rule 5450(b) for the Nasdaq Global Market. This non-compliance is based on the financial metrics noted above.
Outlook, Management Commentary, and Risks
Management intends to submit a compliance plan to Nasdaq on or before May 6, 2013. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days (through September 16, 2013) to evidence compliance. If the plan is rejected, the Company may appeal to a Nasdaq Hearings Panel. Alternatively, the Company may consider applying to transfer its listing to The Nasdaq Capital Market. The primary risk is the potential delisting from the Nasdaq Global Market if compliance is not achieved.
Key Facts for Investor Verification
- Verify the specific financial figures for total assets, revenues, stockholders' equity, and market value of listed securities in the Company's most recent 10-K or 10-Q filings to confirm the basis for the Nasdaq notice.
- Monitor the submission and acceptance status of the Company's compliance plan by the May 6, 2013 deadline.
- Watch for announcements regarding a potential transfer to The Nasdaq Capital Market or an appeal to a Nasdaq Hearings Panel.
- Confirm the Company's liquidity position given the reported stockholders' equity of less than $10.0 million.