Current Report Filing (8-k)
January 17 2019 - 4:32PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
January 15, 2019
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TRANS WORLD ENTERTAINMENT CORPORATION
(Exact name of registrant as specified
in its charter)
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New York
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0-14818
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14-1541629
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(State or other jurisdiction of
incorporation or organization)
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(Commission file number)
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(I.R.S. Employer
Identification No.)
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38 Corporate Circle,
Albany, New York 12203
(Address of principal executive offices)
(518) 452-1242
(Registrant’s
telephone number, including area code)
Not Applicable
(Former name or former address, if changed since
last report)
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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 (§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
¨
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
.
¨
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.
On
January 15, 2019, Trans World Entertainment Corporation (the “Company”) received written notice from The Nasdaq Stock
Market (“Nasdaq”) that the closing bid price for its common stock had been below $1.00 for the previous 30 consecutive
business days, and that the Company therefore is not in compliance with the minimum bid price requirement for continued inclusion
on The Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1).
In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until July 15,
2019, to regain compliance. In order to regain compliance with the minimum closing bid price rule, the closing bid price of the
Company’s common stock must be at least $1.00 or higher for a minimum of ten consecutive business days during the compliance
period. If the Company does not regain compliance during the initial compliance period, the Company may be eligible
for additional time to regain compliance. If the Company is not eligible, the Company expects that Nasdaq will provide written
notice to us that the Company’s common stock will be subject to delisting.
The
written notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on the
Nasdaq Global Market. The Company intends to monitor its closing bid price for its common stock between now and July 15, 2019,
and will consider available options to resolve the Company’s noncompliance with the minimum bid price requirement, as may
be necessary.
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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.
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Dated: January 17, 2019
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TRANS WORLD ENTERTAINMENT CORPORATION
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By:
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/s/ Mike Feurer
Name: Mike Feurer
Title: Chief Executive Officer
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