Business Context and Reporting Period
Company: Pavmed Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 10, 2019
Reporting Period: Event date October 10, 2019; covers the 30 consecutive business days ending October 9, 2019.
Business Context: The Company is an emerging growth company with securities listed on The Nasdaq Stock Market LLC. This filing addresses a notice of failure to satisfy a continued listing rule regarding minimum bid price.
Key Financial Metrics
This filing is a current report regarding listing status and does not contain financial statements. The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Stock Price Deficiency: The closing bid price of the Company's common stock was below the minimum requirement of $1.00 per share for 30 consecutive business days through October 9, 2019.
- Regulatory Notice: Received a notice from the Listing Qualifications Department of The Nasdaq Stock Market citing non-compliance with Nasdaq Listing Rule 5550(a)(2).
Guidance, Outlook, and Risks
- Compliance Timeline: The Company has been afforded 180 calendar days (until April 7, 2020) to regain compliance.
- Compliance Requirement: To regain compliance, the closing bid price must be at least $1.00 for a minimum of ten consecutive business days.
- Contingencies: If compliance is not met within the initial 180-day period, the Company may be eligible for an additional 180-day period. Failure to qualify for or cure the deficiency in the additional period may result in delisting.
- Current Trading Status: The notification has no immediate effect on trading; common stock (PAVM), Series Z warrants (PAVMZ), and Series W warrants (PAVMW) will continue to trade uninterrupted.
- Management Commentary: The Company intends to consider all available options to regain compliance with Nasdaq listing standards.
Investor Verification Checklist
- Verify the current closing bid price of PAVM to assess progress toward the $1.00 threshold.
- Monitor the Company's announcements regarding specific actions taken to regain compliance (e.g., reverse stock splits, capital raises).
- Track the timeline to ensure the 10-day compliance window is met before the April 7, 2020 deadline.
- Review subsequent filings for any updates on the potential for an additional 180-day extension period.