Current Report Filing (8-k)
August 02 2022 - 4:31PM
Edgar (US Regulatory)
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2022-07-27
2022-07-27
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2022-07-27
2022-07-27
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AVCT:WarrantsEachWholeWarrantExercisableForOneShareOfCommonStockAtExercisePriceOf11.50Member
2022-07-27
2022-07-27
iso4217:USD
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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):
August 2, 2022 (July 27, 2022)
American Virtual Cloud Technologies, Inc.
(Exact Name of registrant as Specified in Charter)
Delaware |
|
001-38167 |
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81-2402421 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
1720 Peachtree Street, Suite 629
Atlanta, GA |
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30309 |
(Address of principal executive offices) |
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(Zip code) |
(404) 239-2863
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box
below if the Form 8-K 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)) |
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
AVCT |
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The Nasdaq Stock Market LLC |
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 |
|
AVCTW |
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The Nasdaq Stock Market LLC |
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) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§ 240.12b-2).
Emerging growth company ☒
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.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 27, 2022, American
Virtual Cloud Technologies, Inc. (the “Company”) received a notice in the form of a letter (the “Notice”) from the
listing qualifications department staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that for the last
30 consecutive business days, the Company’s Minimum Value of Listed Securities (“MVLS”) was below the minimum of $35 million
required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(b)(2).
The Notice has no immediate
effect on the listing of the Company’s common stock, and the Company’s common stock continues to trade on the Nasdaq Capital
Market under the symbol “AVCT.”
In accordance with Nasdaq listing
rule 5810(c)(3)(C), the Company has 180 calendar days, or until January 23, 2023, to regain compliance. The Notice states that to regain
compliance, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days (or such longer
period of time as the Nasdaq staff may require in some circumstances, but generally not more than 20 consecutive business days)
during the compliance period ending January 23, 2023.
If the Company does not regain
compliance by January 23, 2023, Nasdaq staff will provide written notice to the Company that its securities are subject to delisting.
At that time, the Company may appeal any such delisting determination to a Nasdaq hearings panel.
The Company intends to actively
monitor the Company’s MVLS between now and January 23, 2023 and may, if appropriate, evaluate available options to resolve the
deficiency and regain compliance with the MVLS rule. While the Company is exercising diligent efforts to maintain the listing
of its common stock on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing
standards.
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the
undersigned hereunto duly authorized.
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AMERICAN VIRTUAL CLOUD TECHNOLOGIES, INC. |
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|
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By: |
/s/ Thomas H. King |
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Name: |
Thomas H. King |
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Title: |
Chief Financial Officer |
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|
|
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Date: August 2, 2022 |
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