Business Context and Reporting Period
This Form 8-K was filed by Revelation Biosciences, Inc. on June 8, 2022. The report addresses a regulatory notice received from the Nasdaq Stock Market LLC regarding the company's compliance with continued listing standards.
Key Financial Metrics
This filing is a current report regarding listing status and does not contain financial statements. Consequently, data regarding revenue, profit, cash flow, margins, debt, and liquidity are not provided in this document.
Material Changes
The material event reported is the receipt of a notice of noncompliance with Nasdaq Listing Rule 5550(a)(2). The company failed to maintain a minimum bid price of at least $1.00 per share for 30 consecutive business days. This deficiency triggers a potential delisting process if not corrected.
Outlook, Risks, and Management Commentary
- Grace Period: The company has been granted an initial 180-calendar-day grace period to regain compliance, ending on December 5, 2022.
- Compliance Requirement: To regain compliance, the common stock must maintain a minimum closing bid price of at least $1.00 per share for at least 10 consecutive business days within the grace period.
- Extension Possibility: If compliance is not met by the end of the initial grace period, the company may be eligible for an additional 180-day extension. This requires meeting all other initial listing standards (excluding the bid price) and potentially effecting a reverse stock split.
- Delisting Risk: If the company fails to cure the deficiency or is ineligible for an extension, Nasdaq will issue a notice that the common stock will be subject to delisting.
- Current Status: The notice has no immediate impact on trading; the stock will continue to be listed and traded on The Nasdaq Capital Market pending compliance.
Investor Verification Checklist
- Verify the current closing bid price of REVB to assess proximity to the $1.00 threshold.
- Monitor the company's stock price performance over the next 10 consecutive business days to determine if the initial compliance window is met.
- Review future filings for announcements regarding a potential reverse stock split if the initial grace period expires without compliance.
- Check for any subsequent Nasdaq communications regarding the extension of the grace period or delisting notices.