SEC Filing Summary: Form 8-K
Business Context and Reporting Period
This filing is a Current Report (Form 8-K) for Hennessy Capital Acquisition Corp., a Delaware corporation. The report date is August 13, 2014, covering an event that occurred on August 7, 2014. The registrant is a special purpose acquisition company (SPAC) headquartered in Houston, Texas.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a regulatory listing status update and contains no financial performance data.
Material Changes
On August 7, 2014, the Company received a written notice from The Nasdaq Stock Market indicating non-compliance with Listing Rule 5550(a)(3), the "Minimum Holders Rule." The Company currently has fewer than the required 300 public holders of its common stock necessary for continued listing on Nasdaq.
Outlook, Risks, and Management Commentary
- Compliance Plan: The Company is required to submit a plan to regain compliance to Nasdaq no later than September 22, 2014.
- Timeline: If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notice to demonstrate compliance.
- Appeal Rights: If the plan is not accepted, the Company retains the right to appeal the decision before a Nasdaq Hearings Panel.
- Management Intent: Management intends to submit a compliance plan by the September 22, 2014 deadline to maintain its Nasdaq listing.
- Risk: Failure to regain compliance could result in the delisting of the Company's common stock from Nasdaq.
Key Facts for Investor Verification
- Verify the current number of public holders of Hennessy Capital Acquisition Corp. common stock.
- Monitor the submission of the compliance plan to Nasdaq by September 22, 2014.
- Track the status of the Company's listing on Nasdaq following the submission of the plan.
- Confirm whether the Company has initiated any capital raising or share distribution activities to meet the 300-holder threshold.