Current Report Filing (8-k)
April 29 2020 - 4:32PM
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): April 27, 2020
Streamline
Health Solutions, Inc.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
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0-28132
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31-1455414
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(State
or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification No.)
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11800
Amber Park Drive, Suite 125
Alpharetta, GA 30009
(Address of Principal Executive Offices) (Zip Code)
Registrant’s
telephone number, including area code: (888) 997-8732
Securities
registered or to be registered pursuant to Section 12(b) of the Act.
Title
of each class
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Trading
Symbol
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Name
of each exchange on which registered
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Common
Stock, $0.01 par value
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STRM
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The
NASDAQ Capital Market
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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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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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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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[ ]
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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. [ ]
Item
3.01.
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Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
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On
April 27, 2020, Streamline Health Solutions, Inc. (the “Company”) received a notice (the “Notice”) from
the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying
the Company that the closing bid price for its common stock had been below $1.00 for the last 30 consecutive business days and
that the Company therefore is not in compliance with the minimum bid price requirement for continued inclusion on The Nasdaq
Capital Market under Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect on the listing of the Company’s
common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol “STRM” at
this time.
Given
the extraordinary market conditions, Nasdaq has determined to toll the compliance periods for the bid price and market value of
publicly held shares requirements (collectively, the “Price-based Requirements”) through June 30, 2020 (the “Tolling
Period”). In that regard, on April 16, 2020, Nasdaq filed an immediately effective rule change with the Securities and Exchange
Commission. As a result, the compliance periods for the Price-based Requirements will be reinstated on July 1, 2020.
The
Company may regain compliance with the minimum bid price requirement during the Tolling Period or, in accordance with Listing
Rule 5810(c)(3)(A), during the 180 calendar day period from July 1, 2020 to December 28, 2020. To regain compliance, the closing
bid price of the Company’s common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days
during the Tolling Period or the 180 calendar day period, and in such case, the Staff will provide the Company with written confirmation
of compliance and the matter will be closed.
If
the Company is not in compliance by December 28, 2020, the Company may be eligible for additional time to regain compliance. 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 minimum bid price requirement, and
will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company
meets these requirements, it will be informed by the Staff that it has been granted an additional 180 calendar days to regain
compliance. 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 will provide notice that the Company’s common stock will be subject to delisting. At that
time, the Company may appeal the Staff’s delisting determination to a Nasdaq Hearings Panel.
The
Company intends to monitor the closing bid price of its common stock and consider its available options to resolve the noncompliance
with the minimum bid price requirement. While the Company believes it will regain compliance with the minimum bid price requirement,
there can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise
be in compliance with other Nasdaq listing criteria.
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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Streamline
Health Solutions, Inc.
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Date:
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April
29, 2020
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By:
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/s/
Thomas J. Gibson
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Name:
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Thomas
J. Gibson
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Title:
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Chief
Financial Officer
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