Canton Strategic Holdings, Inc 8-K, filed Nov 16, 2023
Canton Strategic Holdings, Inc. (CNTN)
About this 8-K
Canton Strategic Holdings, Inc filed this 8-K on November 16, 2023, reporting on events of November 10, 2023.
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 November 10, 2022, Tharimmune, Inc. (the “Company”) received a letter (the “Letter”) from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on The Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 (the “Stockholders’ Equity Requirement). In the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, the Company reported stockholders’ equity of $1,756,923, which is below the Stockholders’ Equity Requirement for continued listing. Additionally, as of the date of the Letter, the Company did not meet either of the alternative Nasdaq continued listing standards under the Nasdaq Listing Rules, which include a market value of listed securities of at least $35 million or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years.
The Letter 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 “THAR” subject to the Company’s compliance with the other continued listing requirements.
Pursuant to the Letter, the Company has 45 calendar days, or until December 26, 2023, to submit a plan to regain compliance. If the plan is accepted by Nasdaq, an extension of up to 180 calendar days from November 10, 2023 may be granted for the Company to evidence compliance.
The Company is considering available options to regain compliance with the Nasdaq Listing Rules and is actively seeking financing options that could be helpful in meeting the Stockholders’ Equity Requirement. The Company expects to develop a plan for submission to Nasdaq. However, there is no assurance that the Company will be successful in developing a plan for compliance, that the Company’s plan will be accepted, or even if it is accepted, that the Company will ultimately be able to regain compliance. If the Company submits a plan to regain compliance and it is not accepted, Nasdaq would permit the Company to appeal the decision to reject the Company’s proposed compliance plan to a Nasdaq Hearings Panel.
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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.
| Date: November 16, 2023 | Tharimmune, Inc. |
| /s/ Randy Milby | |
| Randy Milby | |
| Chief Executive Officer |
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