Current Report Filing (8-k)
November 23 2016 - 8:31AM
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 22, 2016
UNIVERSAL SECURITY INSTRUMENTS, INC.
(Exact name of registrant
as specified in its charter)
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Maryland
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0-7885
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52-0898545
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(State or Other Jurisdiction
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(Commission File Number)
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(IRS Employer
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of Incorporation)
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Identification No.)
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11407 Cronhill Drive, Suite A, Owings
Mills, Maryland 21117
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code:
(410) 363-3000
Inapplicable
(Former Name or Former Address if Changed
Since Last Report)
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:
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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INFORMATION TO BE INCLUDED IN THE REPORT
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Item 3.01.
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Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
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On November 22, 2016,
Universal Security Instruments, Inc. (the “Company”) received a letter from NYSE MKT LLC (the “Exchange”)
stating that the Exchange has determined that the Company is not in compliance with Sections 134 and 1101 of the Exchange’s
Company Guide (the “Company Guide”) due to the Company’s failure to timely file its Quarterly Report on Form
10-Q for the quarter ended September 30, 2016 with the Securities and Exchange Commission (the “SEC”). The letter also
states that the Company’s failure to timely file such Quarterly Report on Form 10-Q is a material violation of its listing
agreement with the Exchange and, therefore, pursuant to Section 1003(d) of the Company Guide, the Exchange is authorized to suspend
and, unless prompt corrective action is taken, remove the Company’s securities from the Exchange.
The Exchange has informed
the Company that, in order to maintain its listing on the Exchange, the Company must, by December 22, 2016, submit a plan of compliance
(the “Plan”) addressing how it intends to regain compliance with Sections 134 and 1101 of the Company Guide by February
22, 2017 (the “Plan Period”). If the Company’s Plan is accepted by the Exchange, then the Company will be able
to continue its listing during the Plan Period, during which time the Company will be subject to periodic review to determine whether
it is making progress consistent with the Plan. If the Company does not submit a Plan, or if the Company’s Plan is not accepted
by the Exchange, then the Company will be subject to delisting proceedings. Furthermore, if the Plan is accepted by the Exchange,
but the Company is not in compliance with the continued listing standards of the Company Guide by February 22, 2017, or if the
Company does not make progress consistent with the Plan during the Plan Period, then the Exchange staff will initiate delisting
proceedings as appropriate. The Company is working diligently to file the late Quarterly Report on Form 10-Q and regain compliance
with the Company Guide, and currently anticipates that the late filing will be made by December 9, 2016.
On November 23, 2016,
the Company issued a press release announcing its receipt of the letter from the Exchange. A copy of the press release is included
as Exhibit 99.1 to this Current Report on Form 8-K.
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Item 9.01.
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Financial Statements and Exhibits.
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(c) Exhibits
The following
exhibits are filed herewith:
Exhibit
No.
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99.1
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Press Release dated November 23, 2016
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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
thereunto duly authorized.
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UNIVERSAL SECURITY INSTRUMENTS, INC.
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(Registrant)
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Date: November 23, 2016
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By:
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/s/ Harvey B. Grossblatt
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Harvey B. Grossblatt
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President
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