Home Listing rules ENERGY FOCUS, INC/DE: Notice of Delisting or Failure to Meet a Continuing Listing Rule or Standard; Transfer of Enrollment (Form 8-K)

ENERGY FOCUS, INC/DE: Notice of Delisting or Failure to Meet a Continuing Listing Rule or Standard; Transfer of Enrollment (Form 8-K)

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Item 3.01. Notice of delisting or non-compliance with a rule or standard for maintaining registration; Registration transfer.

On August 23, 2022, Focus Energy, Inc. (the “Company”) has received written notification from Listing Qualifications staff of The Nasdaq stock market
(“Nasdaq”) that the Company fails to comply with the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Requirement”), because the closing bid price of the company’s common stock was below the minimum price $1.00 per share for 30 consecutive business days.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted an initial period of 180 calendar days, or until February 20, 2023 (the “Compliance Date”), to restore compliance with the Bid Price Requirement. During the initial compliance period, the Company’s common stock will continue to trade on the Nasdaq Capital Market. If, at any time prior to the Compliance Date, the closing Bid Price of the Company’s Common Shares is at least $1.00 for at least 10 consecutive business days, Nasdaq staff will provide written notice to the Company that it is in compliance with the offer price requirement and the matter will be closed.

If the Company does not regain compliance by February 20, 2023, an additional 180 calendar days may be allowed to regain compliance, so long as the Company satisfies the continuous listing requirements for the market value of publicly held shares and all other initial listing criteria (except for the offer price requirement) and notify Nasdaq in writing of its intention to remedy the deficiency during the second compliance period by proceeding with a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance within the second 180 calendar days, Nasdaq will notify the Company of its decision to delist the common stock of the Company, to which case the Company will have the opportunity to appeal the disbarment decision to a hearing panel. There can be no assurance, however, that the Company will be eligible for an additional compliance period or that the common stock of the Company will not be delisted from Nasdaq.

The notification does not have an immediate effect on the listing of the common shares of the Company on Nasdaq. The Company intends to monitor the closing bid price of its Common Shares and may, if appropriate, consider implementing available options to restore compliance with the minimum bid price requirement under the Rules of Nasdaq listing.

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