Business Context and Reporting Period
This Form 8-K is filed by Akers Biosciences, Inc. (the "Company"), an emerging growth company incorporated in New Jersey. The report date is May 31, 2018, covering an event that occurred on May 30, 2018.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on regulatory compliance regarding stock listing standards.
Material Changes and Events
- Nasdaq Compliance Extension: The Nasdaq Listing Qualifications Department granted the Company a 180-day extension to regain compliance with the minimum $1.00 per share closing bid price requirement (the "Bid Price Requirement").
- Background: The Company previously received notice of non-compliance on November 28, 2017, and utilized an initial 180-day compliance period.
- Remediation Plan: The Company intends to cure the deficiency during this second 180-day period, potentially by effecting a reverse stock split if necessary.
- Conditions for Compliance: To close this matter, the stock must trade at or above $1.00 for 10 consecutive business days, and the Company must meet the market value of publicly held shares and other initial listing standards.
Guidance, Outlook, and Risks
The filing contains a standard cautionary note regarding forward-looking statements. Management's expectations regarding compliance with the Bid Price Requirement and continued listing on the Nasdaq Capital Market are subject to substantial risks and uncertainties. The Company explicitly states it undertakes no obligation to update these forward-looking statements except as required by law.
Investor Verification Checklist
- Verify the current closing bid price of Akers Biosciences, Inc. common stock to assess progress toward the $1.00 threshold.
- Monitor the Company's filings for any announcement of a reverse stock split.
- Confirm the Company's market value of publicly held shares to ensure it meets continued listing requirements.
- Review the Company's periodic reports (10-K/10-Q) for detailed financial data not included in this 8-K.