Current Report Filing (8-k)
December 01 2017 - 9:01AM
Edgar (US Regulatory)
U.S.
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):
November 28, 2017
AKERS
BIOSCIENCES, INC.
(Exact
name of Company as specified in its charter)
New
Jersey
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001-36268
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22-2983783
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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201
Grove Road
Thorofare,
NJ 08086
(Address
of principal executive offices)
(856)
848-2116
(Registrant’s
Telephone Number)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Company under
any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
3.01
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Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On
November 28, 2017, Akers Biosciences, Inc. (the “Company”) received notification from the Nasdaq Listing Qualifications
department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s common stock (the “Common
Stock”) was subject to potential delisting from Nasdaq because, for a period of thirty (30) consecutive business days, the
bid price of the Common Stock had closed below the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace
Rule 5550(a)(2) (the “Bid Price Rule”). The notification had no immediate effect on the listing or trading of the
Common Stock on the Nasdaq Capital Market.
Nasdaq
stated in its letter that in accordance with the Nasdaq Listing Rules the Company has been provided an initial period of 180 calendar
days, or until May 29, 2018, to regain compliance. The letter states that the Nasdaq Staff will provide written notification that
the Company has achieved compliance with the minimum bid price listing requirement if at any time before May 29, 2018, the bid
price of the Common Stock closes at $1.00 per share or more for a minimum of ten (10) consecutive business days.
If
the Company is unable to regain compliance by May 29, 2018, the Company may be eligible for an additional 180 calendar day compliance
period to demonstrate compliance with the bid price requirement. To qualify, the Company will be required to meet the continued
listing requirement for market value of publicly held shares set forth in Market Place Rule 5550(a) and all other initial listing
standards for the Nasdaq Capital Market set forth in Marketplace Rule 5505, with the exception of the bid price requirement, and
will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by
effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain
compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Common Stock,
at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel.
The
Company intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available
options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
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Item
9.01
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Financial
Statements and Exhibits.
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(d)
Exhibits.
SIGNATURE
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.
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AKERS
BIOSCIENCES, INC.
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Date:
December 1, 2017
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By:
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/s/
John J. Gormally
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John
J. Gormally
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Chief
Executive Officer
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