Current Report Filing (8-k)
November 26 2019 - 6:03AM
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): November 21, 2019
CTI INDUSTRIES CORPORATION
(Exact name of registrant as specified in its charter)
Illinois
(State or other jurisdiction of incorporation)
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000-23115
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36-2848943
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(Commission File Number)
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(IRS Employer Identification No.)
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22160 N. Pepper Road Lake Barrington, Illinois
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60010
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code: (847) 382-1000
Not applicable
(Former name or former address, if changed since last report)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
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CTIB
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NasdaqCM
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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 (see General Instruction A.2. below):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (l7 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-1 2)
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Pre-commencement communications pursuant to Rule l4d-2(b) under the Exchange Act (17 CFR 240. l 4d-2 (b))
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Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240. l 3c-4 (c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §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;
On November 21, 2019, CTI Industries Corporation (“CTI” or the “Company”), received a notice (the “Notice”) of failure to satisfy a continued listing standard from Nasdaq under Listing Rule 5550 (b) (1). The Notice indicated that the Company no longer met the equity standard for continued listing, as its reported stockholders’ equity as reported in its most recent Form 10-Q of approximately $1.9 million is below the required $2.5 million. In addition, the Company does not meet the alternative standards available for continued listing (market value standard or net income standard). As such, the Company has 45 days to submit a plan to regain compliance. If that plan is accepted, CTI may be granted up to 180 calendar days from the date of the letter to evidence compliance. Failure to regain compliance with standards for continued listing would result in the ultimate de-listing of CTI’s common stock, ticker symbol “CTIB”, from Nasdaq. The Company is considering the appropriate response to this Notice.
This summary is not intended to include all terms of the Notice, which is attached hereto.
Item No. 9.01 – Financial Statements and Exhibits
Exhibit No. Exhibit
10.1 Notice from Nasdaq dated November 21, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, CTI Industries Corporation has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized, in the Village of Lake Barrington, Illinois, November 26, 2019.
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CTI INDUSTRIES CORPORATION
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By:
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/s/ Jeffrey S. Hyland
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Jeffrey S. Hyland, Chief Executive Officer and President
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EXHIBIT INDEX
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Exhibit Number
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Description
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10.1
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Notice from Nasdaq dated November 21, 2019
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