Business Context and Reporting Period
Daré Bioscience, Inc. (DARE) filed this Form 8-K on June 21, 2019, regarding a notice received from the Nasdaq Stock Market. The company is an emerging growth company incorporated in Delaware with its principal executive offices in San Diego, California.
Key Financial Metrics
This filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the company's stock price performance relative to listing requirements.
Material Changes
The material event reported is the failure of Daré's common stock to maintain the minimum $1.00 per share closing bid price required by Nasdaq Listing Rule 5550(a)(2) for 30 consecutive business days ending June 21, 2019.
Outlook, Risks, and Contingencies
- Compliance Period: Daré has been granted an initial 180-day compliance period, ending December 18, 2019, to regain compliance.
- Regaining Compliance: The company must achieve a closing bid price of at least $1.00 for a minimum of 10 consecutive business days within the compliance period.
- Delisting Risk: If compliance is not met by the deadline, the company may be eligible for an additional 180-day period if it meets other listing standards and notifies Nasdaq of its intent to cure the deficiency, potentially via a reverse stock split. Failure to cure the deficiency could result in delisting.
- Management Commentary: Management stated they will monitor the stock price and consider options to regain compliance but noted there is no assurance that compliance will be achieved or maintained.
Investor Verification Checklist
- Verify the current closing bid price of DARE stock to assess proximity to the $1.00 threshold.
- Monitor the company's stock price for 10 consecutive business days to determine if the initial compliance requirement is met.
- Review future filings for announcements regarding a potential reverse stock split if the initial compliance period expires without success.
- Check for any subsequent correspondence from Nasdaq regarding the extension of the compliance period or delisting notices.