Business Context and Reporting Period
This Form 8-K was filed by My Size, Inc. on September 26, 2017. The Company is incorporated in Delaware and operates from Airport City, Israel. The report addresses a regulatory notification received from The NASDAQ Stock Market, LLC 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. The document focuses exclusively on the status of the Company's stock listing and does not contain financial performance data for the reporting period.
Material Changes
The primary material event is the receipt of a Notification Letter from NASDAQ stating that My Size, Inc. is not in compliance with the minimum bid price requirement of $1.00 per share under Listing Rule 5550(a)(2). This deficiency was determined based on the closing bid price over the 30 consecutive business days prior to the notification date. There is no immediate effect on the trading of the Company's common stock, which continues to trade under the symbol "MYSZ".
Outlook, Risks, and Management Commentary
- Compliance Timeline: The Company has 180 calendar days, until March 26, 2018, to regain compliance. This requires a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days.
- Extension Possibility: If compliance is not met by the initial deadline, an additional 180-day period may be granted if the Company meets all other continued listing requirements and notifies NASDAQ of its intent to cure the deficiency.
- Delisting Risk: Failure to qualify for or meet the requirements of the second compliance period will result in a determination to delist the Company's common stock, subject to an appeal process.
- Management Action: Management intends to monitor the stock price and may consider implementing a reverse stock split to regain compliance.
Investor Verification Checklist
- Verify the current closing bid price of MYSZ to assess proximity to the $1.00 threshold.
- Monitor Company announcements regarding the potential implementation of a reverse stock split.
- Track the 180-day compliance deadline ending March 26, 2018.
- Review subsequent filings for updates on the Company's status with NASDAQ or any appeal proceedings.