Current Report Filing (8-k)
June 02 2017 - 5:02PM
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): June 1, 2017
Dextera Surgical, Inc.
(Exact Name of Registrant as Specified in
its Charter)
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Delaware
(State or Other Jurisdiction
of Incorporation)
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000-51772
(Commission
File Number)
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94-3287832
(IRS Employer
Identification No.)
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900 Saginaw Drive, Redwood City, CA
(Address of Principal Executive Offices)
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94063
(Zip Code)
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Registrant’s telephone number, including
area code: (650) 364-9975
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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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
¨
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 3.01. Notice of Delisting or Failure to Satisfy Continued
Listing Rule or Standard; Transfer of Listing.
On June 1, 2017, Dextera Surgical Inc.
(the “
Company
”) received a letter from the listing qualifications department staff of the NASDAQ Stock Market
(“
NASDAQ
”) notifying the Company that for the last 30 consecutive business days the bid price of the Company’s
common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of
NASDAQ listing rule 5550(a)(2).
In accordance with listing rule 5810(c)(3)(A),
the Company has 180 calendar days, or until October 29, 2017, to regain compliance with the minimum bid price rule. To regain compliance,
the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business
days before October 29, 2017.
If the Company’s common stock does
not achieve compliance by October 29, 2017, the Company may be eligible for an additional 180-day period to regain compliance if
it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards, with
the exception of the bid price requirement, and provides written notice to NASDAQ of its intention to cure the deficiency during
the second compliance period by effecting a reverse stock split, if necessary. However, if it appears to the NASDAQ staff that
the Company will not be able to cure the deficiency, or if the Company does not meet the other listing standards, NASDAQ could
provide notice that the Company’s common stock will become subject to delisting. In the event the Company receives notice
that its common stock is being delisted, NASDAQ rules permit the Company to appeal any delisting determination by the NASDAQ staff
to a Hearings Panel.
The Company intends to actively monitor
the closing bid price of its common stock between now and October 29, 2017, and will evaluate available options to resolve the
deficiency and regain compliance with the minimum bid price rule.
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.
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Dextera Surgical, Inc.
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Date: June 2, 2017
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/s/ Robert Y. Newell
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Robert Y. Newell
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Chief Financial Officer
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