Business Context and Reporting Period
This Form 8-K filing by International Money Express, Inc. (IMXI) is dated August 31, 2018. The report addresses a critical corporate governance event following the company's merger with Intermex Holdings II, Inc., which was consummated on July 26, 2018.
Key Financial Metrics
The filing text does not provide specific financial data regarding revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory compliance and listing status rather than financial performance metrics.
Material Changes
- Delisting Notice: On August 28, 2018, the Company received a notice from the Nasdaq Staff indicating non-compliance with minimum round lot holder requirements for its common stock and warrants.
- Regulatory Basis: The non-compliance is attributed to Nasdaq Listing Rules 5550(a)(3) and 5515(a)(4).
- Post-Merger Impact: The reduction in round lot holders is a direct result of the merger with a Special Purpose Acquisition Company (SPAC), where stockholders exercised redemption rights, creating uncertainty regarding the final number of holders.
Outlook, Risks, and Management Commentary
- Management Action: The Company intends to request a hearing before a Nasdaq Hearings Panel to outline its plan to regain compliance.
- Current Status: Securities will continue to trade on The Nasdaq Capital Market under symbols "IMXI" and "IMXIW" pending the hearing outcome.
- Risks and Contingencies: Management states there is no assurance that the Panel will grant continued listing or that the Company will satisfy applicable requirements. The filing includes standard forward-looking statement disclaimers regarding uncertainties affecting future results.
Investor Verification Checklist
- Verify the outcome of the Nasdaq Hearings Panel regarding the delisting notice.
- Monitor the Company's specific plan to increase the number of round lot holders.
- Check for subsequent filings (e.g., 10-K or 10-Q) to obtain actual financial performance data, as this 8-K contains none.
- Confirm the current trading status of IMXI and IMXIW on the Nasdaq Capital Market.