Butterfly Network, Inc. Form 8-K Summary
Business Context and Reporting Period
The Form 8-K reports a New York Stock Exchange continued-listing deficiency and references the Company’s business update and results for the first quarter ended March 31, 2024. The notification was received on April 26, 2024; the related results press release was issued May 1, 2024.
Financial and Operating Metrics
- The filing references first-quarter 2024 results but does not include clear values for revenue, profit or loss, cash flow, margins, debt, liquidity, or other financial metrics. Those details were provided in Exhibit 99.1, which is not included in the supplied filing text.
- The filing does not provide a quantified outlook or financial guidance.
Material Changes Versus the Prior Comparable Period
The supplied filing text does not provide comparative first-quarter financial data or quantify changes from the prior-year period.
Listing Deficiency, Outlook, and Risks
- The NYSE notified Butterfly Network that its common stock had traded below the $1.00 average closing-price requirement for 30 consecutive trading days, resulting in noncompliance with Section 802.01C of the NYSE Listed Company Manual.
- The common stock remains listed and trading on the NYSE, subject to compliance with other continued-listing standards.
- The Company has six months from receipt of the notice to regain compliance and must notify the NYSE within 10 business days of its intent to cure the deficiency.
- Compliance may be regained if, on the last trading day of a calendar month during the cure period, the closing share price is at least $1.00 and the preceding 30-trading-day average closing price is at least $1.00.
- The Company intends to consider available alternatives to regain compliance, including alternatives it believes are in the best interests of the Company and its shareholders.
- The notice does not affect ongoing business operations or SEC reporting requirements.
- Key risks include the Company’s ability to regain and maintain NYSE compliance and the other risks described in its latest Form 10-K and subsequent SEC filings.
Key Facts for Investors to Verify
- Review Exhibit 99.1 for the complete first-quarter 2024 revenue, earnings, cash-flow, liquidity, debt, margin, and guidance information.
- Confirm the date by which the Company must notify the NYSE of its intent to cure the deficiency and the precise end of the six-month cure period.
- Monitor monthly closing prices and 30-trading-day average closing prices against the $1.00 NYSE threshold.
- Assess any capital, corporate, or other actions the Company may pursue to regain compliance and their potential dilution or other shareholder effects.