Business Context and Reporting Period
Company: Matinas Biopharma Holdings, Inc. (MTNB)
Filing Type: Form 8-K (Current Report)
Date of Report: August 27, 2024
Event: Trading halt of common stock on NYSE American due to low trading price.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not contain financial statements. The text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Trading Status: Trading of common stock was halted by NYSE American on August 27, 2024.
- Reverse Stock Split: The Board of Directors approved a 1-for-50 reverse stock split.
- Effective Date: The split is scheduled to become effective at 5:00 P.M. (EST) on August 30, 2024.
- Resumption of Trading: Trading is expected to resume on a split-adjusted basis when the market opens on September 3, 2024, subject to NYSE American approval.
Outlook, Risks, and Contingencies
- Delisting Risk: The Exchange could maintain the trading halt or suspend trading and move to delist the stock if the post-split price per share does not meet the requirements of Section 1003(f)(v) of the NYSE American Company Guide.
- Management Commentary: The Company expects the trading halt to remain in effect until after the consummation of the reverse stock split.
Investor Verification Checklist
- Confirm the effective time of the 1-for-50 reverse stock split (August 30, 2024, 5:00 P.M. EST).
- Verify the resumption of trading on September 3, 2024, and the new split-adjusted share price.
- Monitor NYSE American announcements regarding compliance with Section 1003(f)(v) to assess delisting risk.
- Check for any subsequent filings regarding the status of the trading halt if the split does not resolve the low price issue.