Business Context and Reporting Period
Company: Oragenics, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 9, 2017
Event: Notice of non-compliance with NYSE MKT continued listing standards.
Key Financial Metrics
- Stockholders' Equity: $1.18 million (as of March 31, 2017).
- Profitability: The company reported net losses in two of the last three most recent fiscal years ended December 31, 2016.
- Other Metrics: The filing text does not provide specific values for revenue, cash flow, margins, debt, or liquidity beyond the equity and loss history noted above.
Material Changes and Listing Status
The company received notification from NYSE MKT LLC on June 9, 2017, stating it is not in compliance with Sections 1003(a)(i), 1003(a)(ii), and 1003(a)(iii) of the NYSE MKT Company Guide. This non-compliance is based on the reported stockholders' equity of $1.18 million and the history of net losses.
Trading Designation: While the stock continues to trade under the symbol "OGEN," it will carry an added designation of ".BC" to indicate non-compliance with listing standards.
Outlook, Management Commentary, and Risks
- Compliance Plan: The company previously submitted a plan of compliance on June 10, 2016, which was accepted by the NYSE MKT. The deadline to regain compliance is November 10, 2017.
- Delisting Risk: If the company fails to meet the standards by November 10, 2017, or fails to make progress consistent with the plan, the NYSE Regulation staff may initiate delisting proceedings.
- Operational Impact: Management states the notification does not affect business operations, SEC reporting requirements, or trigger events of default under material agreements.
Investor Verification Checklist
- Verify the current stock price and trading volume under the ".BC" designation.
- Review the specific initiatives outlined in the June 10, 2016 compliance plan to assess feasibility.
- Monitor upcoming quarterly reports for progress toward the $2.0 million equity threshold (implied standard) or profitability requirements.
- Check for any subsequent 8-K filings regarding the status of the compliance plan or potential delisting hearings.