Business Context and Reporting Period
This Form 8-K Current Report was filed by My Size, Inc. on July 23, 2019. The registrant is incorporated in Delaware and its common stock (Symbol: MYSZ) is listed on The Nasdaq Stock Market LLC. The report addresses a critical corporate governance event regarding the company's continued listing status.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the stock price performance, noting that the bid price for the Company's common stock closed below $1.00 per share for 30 consecutive business days prior to the initial notice.
Material Changes
The primary material event is the failure to regain compliance with Nasdaq Listing Rule 5550(a)(2) regarding the minimum bid price requirement. On July 23, 2019, the Company received formal notice from Nasdaq that its common stock will be delisted unless a hearing is requested. This follows a grace period that expired on July 22, 2019, during which the Company failed to restore the stock price to $1.00 or above.
Guidance, Outlook, and Risks
- Management Action: The Company intends to timely request a hearing before the Nasdaq Hearings Panel. This request will stay the delisting action pending the Panel's decision.
- Compliance Plan: At the hearing, management plans to present a strategy to regain compliance, which may include a reverse stock split.
- Risks and Contingencies: There is no assurance that the Panel will grant the request for continued listing or that the Company will successfully regain compliance within any granted timeframe. The ultimate conclusion of the hearing process remains uncertain.
Investor Verification Checklist
- Verify the status of the hearing request with the Nasdaq Hearings Panel.
- Monitor the Company's announcement regarding the specific terms of a potential reverse stock split.
- Track the daily closing bid price of MYSZ to assess immediate market reaction to the delisting notice.
- Review subsequent filings for the Panel's decision on the Company's appeal.