Business Context and Reporting Period
This Form 8-K was filed by Vivos Therapeutics, Inc. on November 4, 2022, reporting an event that occurred on November 3, 2022. The Company is an emerging growth company incorporated in Delaware with its principal executive offices in Littleton, Colorado. Its common stock trades on The NASDAQ Stock Market LLC under the symbol "VVOS."
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on regulatory compliance regarding stock listing standards.
Material Changes
The material change reported is the receipt of a staff deficiency notice from Nasdaq. The Company's common stock closing bid price fell below $1.00 per share for 30 consecutive business days (September 22, 2022, through November 2, 2022), resulting in non-compliance with Nasdaq Listing Rule 5550(a)(2).
Outlook, Risks, and Contingencies
- Compliance Period: The Company has been granted an initial 180-day compliance period ending May 2, 2023, to regain compliance.
- Remediation Requirement: To cure the deficiency, the closing bid price must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to May 2, 2023.
- Delisting Risk: If the Company fails to regain compliance by the deadline, it may face delisting unless it qualifies for an additional 180-day grace period by meeting other initial listing standards (excluding the bid price requirement).
- Management Intent: Management intends to resolve the matter to ensure continued listing on the Nasdaq Capital Market.
Investor Verification Checklist
- Verify the current closing bid price of VVOS stock to assess progress toward the $1.00 threshold.
- Monitor the Company's stock price performance over the next 10 consecutive business days to determine if the initial cure criteria are met.
- Review future filings for updates on the compliance status as the May 2, 2023, deadline approaches.
- Check for any announcements regarding a reverse stock split or other corporate actions intended to address the low bid price.