Business Context and Reporting Period
This Form 8-K was filed by Neuralstem, Inc. (not Palisade Bio, Inc.) on June 5, 2009. The filing addresses a regulatory notice received from the NYSE Amex LLC regarding the Company's failure to meet continued listing standards.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or debt figures. However, it identifies the specific financial thresholds required to maintain listing status:
- Shareholders' Equity Requirement: Must exceed $2,000,000.
- Market Capitalization Requirement: Must be $50 million or more for a minimum of 30 consecutive trading days.
- Current Status: The Company is currently non-compliant with Section 1003(a)(i) of the Exchange Company Guide.
Material Changes and Events
The primary material event is the receipt of a delisting notice on June 5, 2009. The Company has been granted a deadline of July 6, 2009, to submit a compliance plan to the Exchange. This plan must demonstrate the ability to regain compliance by December 6, 2010.
Outlook, Risks, and Management Commentary
Management Action: The Company intends to submit a compliance plan to the Exchange. If accepted, shares will remain listed subject to periodic review. If the plan is not accepted, the Company reserves the right to appeal, during which time shares will also remain listed.
Risks and Contingencies:
- If the Company fails to submit a plan by July 6, 2009, or if the plan is rejected and the appeal fails, the Company will be subject to delisting procedures.
- Delisting would result in the removal of the Company's common shares from the NYSE Amex LLC.
Investor Verification Checklist
- Verify the Company's current shareholders' equity to determine if it meets the $2,000,000 threshold.
- Monitor the Company's market capitalization over the next 30 trading days to assess the $50 million requirement.
- Confirm the submission of the compliance plan by the July 6, 2009 deadline.
- Review the attached Press Release (Exhibit 99.1) for additional details on the Company's strategy to regain compliance.