Current Report Filing (8-k)
May 16 2019 - 05:01PM
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):
May 16, 2019 (May 10, 2019)
AKERS
BIOSCIENCES, INC.
(Exact
name of Company as specified in its charter)
New
Jersey
|
|
001-36268
|
|
22-2983783
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
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:
[ ]
|
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))
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company [X]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
|
|
Trading
Symbol(s)
|
|
Name
of each exchange on which registered
|
|
|
|
|
|
Common
Stock, no par value
|
|
AKER
|
|
The
NASDAQ Capital Market
|
Item
3.01
|
Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
|
On
May 10, 2019, Akers Biosciences, Inc. (the “Company”) received notification (the “Letter”) 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 November 6, 2019, 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
November 6, 2019, 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 November 6, 2019, 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 and all other initial listing standards for the Nasdaq
Capital Market, 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.
A
copy of the Letter is attached as Exhibit 99.1 hereto.
Item
9.01
|
Financial
Statements and Exhibits.
|
(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.
|
AKERS
BIOSCIENCES, INC.
|
|
|
|
Date:
May 16, 2019
|
By:
|
/s/
Howard R. Yeaton
|
|
|
Howard
R. Yeaton
|
|
|
Chief
Executive Officer
|
Akers Biosciences (NASDAQ:AKER)
Historical Stock Chart
From Feb 2024 to Mar 2024
Akers Biosciences (NASDAQ:AKER)
Historical Stock Chart
From Mar 2023 to Mar 2024