Actelis Networks Inc 8-K, filed May 23, 2024
Actelis Networks Inc (ASNS)
About this 8-K
Actelis Networks Inc filed this 8-K on May 23, 2024, reporting on events of May 20, 2024.
Items reported
- Item 3.01: Delisting notice or listing transfer
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On May 20, 2024, Actelis Networks, Inc. (the “Company”) was notified (the “Notification Letter”) by The Nasdaq Stock Market LLC (“Nasdaq”) that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common stock for the 30 consecutive business days prior to the date of the Notification Letter, the Company no longer meets the minimum bid price requirement. The Notification Letter has no immediate effect on the listing or trading of the Company’s common stock on Nasdaq and, at this time, the common stock will continue to trade on Nasdaq under the symbol “ASNS”.
The Notification Letter provides that the Company has 180 calendar days, or until November 18, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company's common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. If the Company does not regain compliance by November 18, 2024, an additional 180 days may be granted to regain compliance, so long as the Company meets certain listing criteria and notifies Nasdaq in writing of its intention to cure the deficiency by implementation of a reverse split if necessary during the second compliance period. 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 Company's common stock, at which point the Company will have the opportunity to appeal the delisting determination to a Hearings Panel.
The Company intends to monitor its stock price and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse stock split of its outstanding securities, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
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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.
| ACTELIS NETWORKS, INC. | ||
| Dated: May 23, 2024 | By: | /s/ Tuvia Barlev |
| Name: | Tuvia Barlev | |
| Title: | Chief Executive Officer | |
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