Business Context and Reporting Period
This Form 8-K is filed by Akers Biosciences, Inc. (the "Company") on November 28, 2017. The report addresses a regulatory notice 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 only financial metric disclosed is the stock bid price, which closed below the $1.00 per share minimum requirement for 30 consecutive business days.
Material Changes
The primary material event is the receipt of a notification from Nasdaq indicating potential delisting due to failure to meet the minimum bid price requirement under Marketplace Rule 5550(a)(2). There is no immediate effect on the listing or trading of the Common Stock.
Outlook, Risks, and Management Commentary
- Compliance Period: The Company has an initial 180-day period (until May 29, 2018) to regain compliance.
- Compliance Criteria: Compliance is achieved if the bid price closes at $1.00 or more for 10 consecutive business days before the deadline.
- Secondary Compliance Option: If the initial period fails, the Company may qualify for an additional 180-day period by meeting market value of publicly held shares and other initial listing standards, potentially via a reverse stock split.
- Delisting Risk: Failure to regain compliance during the second period will result in a delisting determination, subject to an appeal process.
- Management Action: The Company intends to monitor the closing bid price and may consider available options, including a reverse stock split, to regain compliance.
Investor Verification Checklist
- Verify the current closing bid price of Akers Biosciences, Inc. common stock against the $1.00 threshold.
- Monitor the Company's stock price for 10 consecutive business days of trading at or above $1.00 to confirm compliance.
- Review future filings for announcements regarding a potential reverse stock split if the initial compliance period expires without success.
- Check the Company's market value of publicly held shares to assess eligibility for the second compliance period.