Form 8-K - Current report
October 20 2023 - 5:00PM
Edgar (US Regulatory)
0001357459
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0001357459
2023-10-20
2023-10-20
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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
Date
of Report (Date of earliest event reported): October 20, 2023 (October 19, 2023)
PALISADE
BIO, INC.
(Exact
name of Registrant as Specified in Its Charter)
Delaware |
|
001-33672 |
|
52-2007292 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
7750
El Camino Real
Suite
2A |
|
|
Carlsbad,
California |
|
92009 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (858) 704-4900
N/A
(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)) |
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 $0.01 per share |
|
PALI |
|
Nasdaq
Capital Market |
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; Transfer of Listing.
On
October 19, 2023, Palisade Bio, Inc. (the “Company”) received notice (the “Notice”) from The Nasdaq Stock Market
LLC (“Nasdaq”) advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price
of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on The Nasdaq Capital
Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).
The
Notice has no effect on the listing of the Company’s common stock at this time, and the Company’s common stock continues
to trade on The Nasdaq Capital Market under the symbol “PALI”.
Under
Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days following the date of the Notice to regain compliance with the Minimum
Bid Price Requirement (the “Compliance Period”). If at any time during the Compliance Period the closing bid price of the
Company’s common stock is at least $1.00 for a minimum of 10 consecutive business days, the Company will regain compliance with
the Minimum Bid Price Requirement and its common stock will continue to be eligible for listing on The Nasdaq Capital Market absent noncompliance
with any other requirement for continued listing.
If
the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the Compliance Period, the Company may be
afforded an additional 180 calendar days to regain compliance with the Minimum Bid Price Requirement (the “Additional Compliance
Period”) if on the last day of the Compliance Period the Company is in compliance with the market value of publicly held shares
requirement for continued listing as well as all other standards for initial listing of its common stock on The Nasdaq Capital Market
(other than the Minimum Bid Price Requirement), unless the Company does not indicate its intent to cure the deficiency, or if it appears
to Nasdaq that it is not possible for the Company to cure the deficiency.
If
the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the Compliance Period, or the Additional
Compliance Period, if applicable, the Company’s common stock will be subject to delisting.
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.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
Date: |
October
20, 2023 |
Palisade
Bio, Inc. |
|
|
|
|
|
|
By: |
/s/
J.D. Finley |
|
|
|
J.D.
Finley |
|
|
|
Chief
Executive Officer |
v3.23.3
Cover
|
Oct. 20, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Oct. 20, 2023
|
Entity File Number |
001-33672
|
Entity Registrant Name |
PALISADE
BIO, INC.
|
Entity Central Index Key |
0001357459
|
Entity Tax Identification Number |
52-2007292
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
7750
El Camino Real
|
Entity Address, Address Line Two |
Suite
2A
|
Entity Address, City or Town |
Carlsbad
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
92009
|
City Area Code |
(858)
|
Local Phone Number |
704-4900
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
Trading Symbol |
PALI
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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