Surrozen, Inc. current report, 05 July 2023

Surrozen, Inc. Form 8-K Summary

Business context and reporting period

Surrozen, Inc. filed this Current Report on July 5, 2023, regarding a Nasdaq continued-listing deficiency. The filing does not provide quarterly or annual operating results; it reports an event under Item 3.01.

Key financial and market metrics

  • Surrozen’s common stock trades on the Nasdaq Capital Market under the symbol SRZN; its redeemable warrants trade under SRZNW.
  • The company did not regain compliance with Nasdaq’s minimum $1.00 closing bid price requirement during the initial 180-day compliance period, which ended July 3, 2023.
  • The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.

Material changes, outlook, and risks

  • Nasdaq granted the company an additional 180 calendar days, through January 2, 2024, to regain compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).
  • Compliance requires a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the additional compliance period.
  • The company stated that it intends to monitor its closing bid price and evaluate available options, including effecting a reverse stock split before January 2, 2024 if necessary.
  • If the company does not regain compliance by the deadline, Nasdaq may issue a delisting determination. The company may appeal that determination to a Nasdaq hearings panel, but the filing states there is no assurance that an appeal would be successful.
  • The notice has no immediate effect on the listing or trading of SRZN, which remains listed on the Nasdaq Capital Market subject to compliance with other Nasdaq requirements.
  • There is no assurance that the company will regain compliance or maintain compliance with other Nasdaq listing standards.

Important facts for investors to verify

  • Whether SRZN achieved a closing bid price of at least $1.00 for 10 consecutive business days by January 2, 2024.
  • Whether the company implemented a reverse stock split or another compliance measure.
  • Whether Nasdaq issued a delisting determination and whether the company pursued an appeal.
  • Whether the company remained compliant with Nasdaq’s other continued-listing requirements.