Current Report Filing (8-k)

Date : 04/24/2019 @ 9:35PM
Source : Edgar (US Regulatory)
Stock : Arc Grp. Worldwide, Inc. (ARCW)
Quote : 0.37  0.0091 (2.52%) @ 1:00AM

Current Report Filing (8-k)

 

 

 

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):  April 18, 2019

 

PICTURE 1

 

ARC Group Worldwide, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Utah

(State or other jurisdiction of incorporation)

 

 

 

 

001-33400
(Commission File Number)

    

87-0454148
(I.R.S. Employer Identification No.)

 

 

 

810 Flightline Blvd.
Deland, FL

 

32724

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:   303-467-5236

 

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 0240.13e-4(c))

 

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. ☐

 

 

 

 


 

 

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.

On April 18, 2019, ARC Group Worldwide (“the Company”) received notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) that for the previous 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 listing on The Nasdaq Global Market under Nasdaq’s listing rule 5550 (a)(2), requiring minimum bid price of $1.00 per share (the “Minimum Bid Requirement”). 

The notification of noncompliance has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market.  In accordance with Nasdaq Listing Rule 5810 (c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to October 15, 2019, the closing bid price of the Company’s common stock is at or above $1.00 for a minimum of 10 consecutive business days, the Nasdaq Staff (“the Staff”) will provide the Company with written confirmation of compliance.

If the Company does not achieve compliance with the Minimum Bid Requirement by October 15, 2019, the Company may be eligible for an additional 180 calendar days compliance period if it elects to transfer to the Nasdaq Capital Market, so as to take advantage of the additional compliance period offered on that market.  To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period.  However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would notify the Company that its securities would be subject to delisting.  In the event of such notifications, the Company may appeal the Staff’s determination to delist its securities, but there can be no assurance the Staff would grant the Company’s request for continued listing.

 

The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. 

ii


 

 

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.

 

 

 

 

ARC Group Worldwide, Inc.

 

(Registrant)

 

 

 

 

 

 

Date: April 24, 2019

By:

/s/ Aaron Willman

 

 

Name:

Aaron Willman

 

 

Title:

Chief Financial Officer and Principal Accounting Officer

 

iii


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