Current Report Filing (8-k)
November 03 2016 - 10:01AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event
Reported): October 28, 2016
APPLIANCE
RECYCLING CENTERS OF AMERICA, INC.
(Exact name of registrant as specified
in its charter)
|
|
|
|
|
|
|
Minnesota
|
|
0-19621
|
|
41-1454591
|
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
|
175 Jackson Avenue North Suite 102, Minneapolis, Minnesota
|
|
55343
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant’s telephone number,
including area code: 952-930-9000
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 3.01. Notice of Delisting or Failure to Satisfy
a Continued Listing Rule or Standard; Transfer of Listing.
|
|
(a)
|
On October 28, 2016, Appliance Recycling Centers of America, Inc. (the “Company”) received a letter (“Notice”)
from The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, because the closing bid price for its Common Stock
has been below $1.00 per share, it no longer complies with the minimum bid price requirement for continued listing on The Nasdaq
Capital Market. Nasdaq Marketplace Rule 5550(a)(2) requires a minimum bid price of $1.00 per share (the “Minimum Bid Price
Requirement”). Based on the closing bid price of the Company’s Common Stock for the 30 consecutive business days prior
to the date of Nasdaq’s letter, the Company does not meet the Minimum Bid Price Requirement.
|
The Notice has no immediate effect on the listing
of the Common Stock on The Nasdaq Capital Market. Pursuant to Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has been provided
an initial compliance period of 180 calendar days, or until April 26, 2017, to regain compliance with the Minimum Bid Price Requirement.
The Notice further provides that, if at any time before April 26, 2017, the closing bid price of the Common Stock is at least $1.00
per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation stating that the Company has
achieved compliance with the Minimum Bid Price Requirement.
The Notice also provides that, if the Company does
not regain compliance with the Minimum Bid Price Requirement by April 26, 2017, it may be eligible for additional time. To qualify
for additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares
and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement,
and provide written notice of its intention to cure the minimum bid price deficiency during the second compliance period. If the
Company meets these requirements, it will be granted an additional compliance period of 180 calendar days to regain compliance
with the Minimum Bid Price Requirement. If the Nasdaq staff determines that the Company will not be able to cure the deficiency,
or if the Company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the Company’s
Common Stock will be subject to delisting. The Company would have the right to appeal a determination to delist its Common Stock,
and the Common Stock would remain listed on The Nasdaq Capital Market until the completion of the appeal process.
The Company intends to actively monitor the bid price
for its Common Stock between now and April 26, 2017, and will consider available options to regain compliance with the Minimum
Bid Price Requirement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Date: November 3, 2016
|
APPLIANCE RECYCLING CENTERS OF AMERICA, INC.
|
|
|
|
|
|
By:
|
/s/ Tony Isaac
|
|
|
|
Tony Isaac
|
|
|
|
Chief Executive Officer
|
Appliance Recycling Cent... (NASDAQ:ARCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Appliance Recycling Cent... (NASDAQ:ARCI)
Historical Stock Chart
From Apr 2023 to Apr 2024
