Current Report Filing (8-k)
May 25 2018 - 4:12PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): May 22,
2018
Superconductor Technologies Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
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0-21074
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77-0158076
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(State or Other Jurisdiction
of Incorporation)
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Commission
File Number
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(IRS Employer
Identification No.)
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9101 Wall Street, Suite 1300, Austin, TX
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78754
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (512)
334-8900
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 (
see
General Instruction A.2. below):
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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 (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
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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 May 22, 2018, Superconductor Technologies Inc. (the "Company")
received a letter from the Listing Qualifications Department of The Nasdaq Stock Market notifying the Company that the minimum
bid price per share for its common stock fell below $1.00 for a period of 30 consecutive business days and that therefore the Company
did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).
The letter also states that the Company will be provided 180 calendar
days, or until November 19, 2018, to regain compliance with the minimum bid price requirement. In accordance with Rule 5810(c)(3)(A),
the Company can regain compliance if at any time during the 180-day period the closing bid price of the Company's common stock
is at least $1.00 for a minimum of 10 consecutive business days. If by November 19, 2018, the Company cannot demonstrate compliance
with the Rule 5550(a)(2), it may be eligible for additional time. To qualify for additional time, the Company will 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 will need to provide written notice of its intention
to cure the deficiency during the second compliance period. If the Company is not eligible for the second compliance period, then
the Nasdaq Staff will provide notice that the Company's securities will be subject to delisting. At such time, the Company may
appeal the delisting determination to a Hearings Panel.
We intend to monitor the closing bid price of our 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 to be signed on its behalf by the undersigned thereunto duly authorized.
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Superconductor Technologies Inc.
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Dated: May 25, 2018
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By:
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/s/ WILLIAM J. BUCHANAN
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William J. Buchanan
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Vice President and Chief Financial Officer
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