Current Report Filing (8-k)
November 18 2022 - 9:01AM
Edgar (US Regulatory)
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2022-11-17
2022-11-17
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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): November 17, 2022
Vislink
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-35988 |
|
20-5856795 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
350
Clark Drive, Suite 125
Mt.
Olive, NJ 07828
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (941) 953-9035
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 $0.00001 per share |
|
VISL |
|
The
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.
As
previously reported, on May 20, 2022, Vislink Technologies, Inc. (the “Company”) received notice from the Nasdaq Listing
Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company of its
noncompliance with Nasdaq Listing Rule 5550(a)(2) (the “Rule”) by failing to maintain a minimum bid price for its common
stock on the Nasdaq Capital Market of at least $1.00 per share for 30 consecutive business days. The Company was provided a grace period
of 180 days, or until November 16, 2022, to regain compliance with the minimum bid price requirement.
On
November 10, 2022, the Company submitted a request to Nasdaq for an additional 180-day grace period, or until May 15, 2023, to regain
compliance with the minimum bid price requirement. On November 17, 2022, the Company received a letter from Nasdaq advising that the
Company had been granted an additional 180-day grace period extension until May 15, 2023 to regain compliance with the minimum bid price
requirement and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the minimum
bid price requirement.
The
Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance
with the Rule, including initiating a reverse stock split. The Company has filed with the Securities and Exchange Commission a preliminary
proxy statement for a special meeting of stockholders scheduled to be held on January 11, 2023 (the “Special Meeting”). To
potentially regain compliance with the Rule, the preliminary proxy statement contains a proposal for stockholder approval that would
authorize the Board of Directors of the Company (the “Board”), in its discretion, but prior to the one-year anniversary of
the date on which the proposal is approved by the stockholders of the Company at the Special Meeting, to implement an amendment to the
Company’s certificate of incorporation to effect a reverse stock split (the “Reverse Split”) of all of the outstanding
shares of Common Stock, par value $0.00001 per share (“Common Stock”), of the Company, at a ratio in the range of 1-for-2
to 1-for-50, which ratio would be subject to the Board’s discretion following stockholder approval (the “Reverse Split Proposal”).
There
can be no assurance that the Company’s stockholders will approve the Reverse Split Proposal or that the Reverse Split will result
in a sustained increase in the per share market price for the Common Stock for the minimum period necessary to permit the Company to
timely regain compliance with the Rule. There can be no assurance that the Company will be able to regain compliance with the Rule or
otherwise be in compliance with other Nasdaq Listing Rules during this additional 180-day extension period. If the Company does not regain
compliance within the allotted compliance period, Nasdaq will provide notice that the common stock will be subject to delisting. The
Company would then be entitled to appeal that determination to a Nasdaq hearings panel.
The
Nasdaq notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded
on The Nasdaq Capital Market under the symbol “VISL”, subject to the Company’s compliance with the other continued
listing requirements of The Nasdaq Capital Market.
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.
|
VISLINK
TECHNOLOGIES, INC. |
Date:
November 18, 2022 |
|
|
|
|
By: |
/s/
Carleton M. Miller |
|
Name: |
Carleton
M. Miller |
|
Title: |
Chief
Executive Officer |
Vislink Technologies (NASDAQ:VISL)
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