Business Context and Reporting Period
This Form 6-K filing by Moxian (BVI) Inc (trading as Abits Group Inc under symbol MOXC) covers the period of June 2023. The report addresses a regulatory notification received on June 6, 2023, from the Nasdaq Stock Market regarding the company's compliance with listing standards.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current event disclosure rather than a financial statement.
Material Changes and Events
- Nasdaq Non-Compliance: The company received notice that its ordinary shares traded below the minimum closing bid price of $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
- Trading Status: The notification does not result in immediate delisting; shares continue to trade under the symbol "MOXC."
Outlook, Risks, and Management Commentary
- Compliance Period: The company has an initial 180-day compliance period ending December 4, 2023, to regain compliance.
- Compliance Criteria: To close the matter, the closing bid price must be at least $1.00 for a minimum of 10 consecutive business days during the compliance period.
- Contingency Plan: If compliance is not met by December 4, 2023, the company may be eligible for an additional 180-day grace period. Qualification requires meeting the market value of publicly held shares and other initial listing standards.
- Reverse Stock Split: The company may effect a reverse stock split to cure the deficiency. If chosen, the split must be completed no later than ten business days prior to the expiration of the second compliance period.
Investor Verification Checklist
- Verify the current closing bid price of MOXC shares to assess progress toward the $1.00 threshold.
- Monitor the company's stock price for 10 consecutive business days above $1.00 to confirm compliance.
- Check for announcements regarding a potential reverse stock split if the initial compliance period expires without resolution.
- Review the company's market value of publicly held shares to ensure eligibility for a potential second grace period.