Business Context and Reporting Period
Company: iBio, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 4, 2011
Reporting Period: The filing addresses a specific event occurring on November 4, 2011, regarding the company's listing status on the NYSE Amex LLC.
Key Financial Metrics
This filing does not contain specific financial statements, revenue figures, profit margins, cash flow data, or debt levels. The document references the company's Form 10-K for the year ended June 30, 2011, as the source of financial data triggering the listing review, but does not reproduce those specific numbers.
Material Changes and Listing Status
- Delisting Notice: On November 4, 2011, iBio, Inc. received notice from NYSE Amex LLC that it is not in compliance with Section 1003(a)(iv) of the Company Guide.
- Reason for Non-Compliance: The Exchange determined that the company has sustained substantial losses relative to its operations or financial resources, or its financial condition is so impaired that its ability to continue operations and meet obligations is questionable.
- Compliance Deadline: The company must submit a plan of compliance by November 28, 2011, demonstrating an ability to regain compliance by January 25, 2012.
- Consequences: Failure to submit an acceptable plan will result in delisting procedures under Section 1010 and Part 12 of the Company Guide.
Management Commentary and Outlook
Management believes it can provide a satisfactory plan of compliance to the Exchange by the November 28, 2011 deadline. The company asserts it will be able to return to compliance with the listing standard by January 25, 2012. A press release announcing this notice was issued on November 4, 2011, and is attached as Exhibit 99.1.
Investor Verification Checklist
- Verify the specific financial metrics (losses, liquidity, working capital) in the Form 10-K for the year ended June 30, 2011, that triggered the Section 1003(a)(iv) review.
- Monitor the submission of the compliance plan to the Exchange by November 28, 2011.
- Confirm whether the Exchange accepts the compliance plan and the specific milestones required to regain listing status by January 25, 2012.
- Review the attached press release (Exhibit 99.1) for additional details on the company's immediate financial strategy.