Current Report Filing (8-k)
December 30 2016 - 5:01PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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
)
December 28, 2016
Net Element, Inc.
(Exact Name of Registrant as Specified
in Charter)
Delaware
|
|
001-34887
|
|
90-1025599
|
(State or Other Jurisdiction
of Incorporation)
|
|
(Commission File
Number)
|
|
(IRS Employer
Identification No.)
|
|
3363 NE 163rd Street, Suite
705, North Miami Beach, FL
|
33160
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
|
|
|
|
|
(305)
507-8808
|
|
|
|
(Registrant’s telephone number, including area code)
|
|
|
|
|
|
|
|
Not Applicable
|
|
|
|
(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:
|
¨
|
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 December 28, 2016,
Net Element, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department (the “Staff”)
of The NASDAQ Stock Market notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s
common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Capital Market pursuant
to NASDAQ Listing Rule 5550(a)(2) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been provided an initial period of 180 calendar days, or until June 26, 2017, to regain compliance with the Rule.
The Staff letter has
no effect on the listing of the Company’s common stock at this time. The Staff advised the Company that, if at any time before
June 26, 2017 the bid price for the Company’s common stock closes at $1.00 or more for a minimum of 10 consecutive business
days as required under Listing Rule 5810(c)(3)(A), the Staff will provide written notification to the Company that it complies
with the Rule.
If the Company does
not regain compliance with the Rule by June 26, 2017, the Company may be eligible for an additional 180 calendar day compliance
period, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial
listing standards, with the exception of the bid price requirement, and notifies the Staff of its intention to cure the deficiency
during the additional compliance period.
If the Company does
not regain compliance with the Rule by June 26, 2017 and is not eligible for an additional compliance period at that time, the
Staff will provide written notification to the Company that its common stock may be delisted. At that time, the Company may appeal
the Staff’s delisting determination to a NASDAQ Listing Qualifications Panel (“Panel”). If the Company timely
appeals, it would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal
the delisting determination by the Staff to the Panel, that such appeal would be successful.
The Company intends
to continue monitoring the bid price for its common stock and will consider various options available to it if its common stock
does not trade at a level to regain compliance. These options include effecting a reverse stock split.
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.
Dated: December 30, 2016
|
NET ELEMENT, INC.
|
|
|
|
|
|
By:
|
/s/ Jonathan New
|
|
Name:
|
Jonathan New
|
|
Title:
|
Chief Financial Officer
|
|
|
|
Net Element (NASDAQ:NETE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Net Element (NASDAQ:NETE)
Historical Stock Chart
From Sep 2023 to Sep 2024