Form 8-K - Current report
September 25 2023 - 4:45PM
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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
September 25, 2023 (September
21, 2023)
Date of Report (Date of earliest event reported)
CARDIO DIAGNOSTICS HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41097 |
|
87-0925574 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
311
W. Superior Street, Suite
400, Chicago, IL |
|
60654 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including area
code: (631) 796-5412
(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
communication 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
communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.00001 |
|
CDIO |
|
The Nasdaq Stock Market LLC |
Redeemable warrants, each warrant exercisable for one-half of one share of common stock |
|
CDIOW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR §240.12b-2).
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; Transfer of Listing. |
On September 21, 2023, Cardio Diagnostics Holdings, Inc. (the
“Company”) received a written notice from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is
no longer in compliance with Nasdaq Listing Rule 5450(a)(2), because the minimum bid price of the Company’s common stock has been
below $1.00 per share for 30 consecutive business days (the “Notice”). The Notice has no immediate effect on the listing or
trading of the Company’s common stock or warrants on the Nasdaq Capital Market.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has 180 calendar days, or until March 19, 2024 (the “Compliance Date”), to regain compliance with the minimum bid price requirement.
If at any time before the Compliance Date the bid price for the Common Stock closes at $1.00 per share or more for a minimum of ten consecutive
business days (unless Nasdaq exercises its discretion to extend this ten-day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H)), Nasdaq
will provide written notification to the Company that it has regained compliance with the minimum bid price requirement.
In the event the Company does not
regain compliance with the minimum bid price requirement by March 19, 2024, the Company may be eligible for an additional 180 calendar
day compliance period. To qualify, the Company would be required, among other things, to meet the continued listing requirement for the
market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the
minimum bid price requirement, and would also need to provide written notice to Nasdaq of its intention to cure the bid price deficiency
during the additional compliance period. If the Company fails to regain compliance during the
compliance period (including a second compliance period, if applicable), then Nasdaq will notify the Company of its determination to delist
its common stock, at which point the Company may appeal Nasdaq’s delisting determination to a Nasdaq hearing panel.
The Company intends to actively monitor the closing bid price of
its common stock and will consider all available options to regain compliance with the minimum bid price requirement, which may include
seeking stockholder approval to effect a reverse stock split. There can be no assurance that the Company will regain compliance with the
minimum bid price requirement during the 180-calendar day compliance period, secure an additional 180 calendar day period to regain compliance,
maintain compliance with the other Nasdaq listing requirements or be successful in appealing any delisting determination.
Cautionary Note Regarding Forward-Looking Statements
This Report contains statements that are forward-looking and as
such are not historical facts. This includes statements regarding the Company’s future intention to regain compliance with the minimum
bid price requirement and similar expectations, beliefs, plans, objectives, assumptions or projections of the Company and therefore are,
or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the
use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,”
“seeks,” “projects,” “intends,” “plans,” “might,” “possible,”
“potential,” “predicts,” “may,” “would,” “could,” “will” or “should”
or, in each case, their negative or other variations or comparable terminology, but the absence of these words does not mean that a statement
is not forward-looking. Such forward-looking statements are based on management’s expectations, beliefs and forecasts concerning
future events impacting the Company. One should carefully consider the risks and uncertainties described in the “Risk Factors”
section of the Company’s latest Annual Report on Form 10-K and the other documents filed by the Company from time to time with the
SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under applicable securities laws.
Item 9.01 |
Financial Statements and Exhibits. |
Exhibit | |
Description |
| |
|
104 | |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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: September 25, 2023 |
CARDIO DIAGNOSTICS HOLDINGS INC. |
|
|
|
By: |
/s/ Elisa Luqman |
|
|
Elisa Luqman Chief Financial Officer |
v3.23.3
Cover
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Sep. 21, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Sep. 21, 2023
|
Entity File Number |
001-41097
|
Entity Registrant Name |
CARDIO DIAGNOSTICS HOLDINGS, INC.
|
Entity Central Index Key |
0001870144
|
Entity Tax Identification Number |
87-0925574
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
311
W. Superior Street
|
Entity Address, Address Line Two |
Suite
400
|
Entity Address, City or Town |
Chicago
|
Entity Address, State or Province |
IL
|
Entity Address, Postal Zip Code |
60654
|
City Area Code |
(631)
|
Local Phone Number |
796-5412
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock, par value $0.00001 |
|
Title of 12(b) Security |
Common Stock, par value $0.00001
|
Trading Symbol |
CDIO
|
Security Exchange Name |
NASDAQ
|
Redeemable warrants, each warrant exercisable for one-half of one share of common stock |
|
Title of 12(b) Security |
Redeemable warrants, each warrant exercisable for one-half of one share of common stock
|
Trading Symbol |
CDIOW
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Security Exchange Name |
NASDAQ
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