Business Context and Reporting Period
This Form 8-K was filed by Vivos Therapeutics, Inc. on May 26, 2023, reporting an event that occurred on May 23, 2023. 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 text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on regulatory compliance status regarding periodic filings rather than financial performance data.
Material Changes and Delinquency
On May 23, 2023, the Company received a deficiency notice from Nasdaq indicating non-compliance with Rule 5250(c)(1) (Periodic Filing Requirement). The Company failed to file its Form 10-Q for the quarter ended March 31, 2023, by the prescribed deadline. This failure is classified as a delinquency under Nasdaq Listing Rules. The listing of the Company's common stock is not immediately affected, but the Company has 60 calendar days (until July 22, 2023) to submit a plan to regain compliance.
Management Commentary and Risks
The delay in filing the Form 10-Q is attributed to the transition of the Company's independent registered public accounting firm. Effective May 3, 2023, the Company dismissed Plante & Moran, PLLC, and engaged Moss Adams LLP. Management states that additional time is required to complete procedures and financial statement reviews with the new firm. The Company plans to file the delinquent Form 10-Q in the coming weeks but explicitly notes that no assurance can be given that it will be able to regain compliance with the Periodic Filing Requirement.
Investor Verification Checklist
- Verify the submission date of the Form 10-Q for the quarter ended March 31, 2023.
- Monitor the Company's compliance plan submission to Nasdaq by the July 22, 2023 deadline.
- Confirm whether Nasdaq accepts the compliance plan and grants an extension up to November 20, 2023.
- Review the final Form 10-Q once filed to assess the financial impact of the accounting firm transition.