Form 8-K - Current report
November 29 2023 - 4:30PM
Edgar (US Regulatory)
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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 22, 2023
Biofrontera
Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40943 |
|
47-3765675 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
120
Presidential Way, Suite 330
Woburn,
Massachusetts |
|
01801 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (781) 245-1325
Not
Applicable
(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 Exchange Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.001 per share |
|
BFRI |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Preferred
Stock Purchase Rights |
|
|
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants
to purchase common stock |
|
BFRIW |
|
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 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (the “Exchange Act”) (§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
November 22, 2023, Biofrontera Inc. (the “Company”) received a notice (the “Notice”) from the Listing Qualifications
staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, because the Company’s stockholders’ equity
as reported in its Quarterly Report on Form 10-Q for the period ended September 30, 2023 was $1,038,000, the Company is no longer in
compliance with the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s
stockholders’ equity be at least $2,500,000. Additionally, as of the date of the Notice, the Company did not meet either of the
alternative requirements of maintaining a market value of listed securities of $35 million or achieving a net income from continuing
operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years. As
a result, as of the date of this Report, the Company does not satisfy Nasdaq Marketplace Rule 5550(b).
The
Notice has no immediate effect on the listing or trading of the Company’s securities on the Nasdaq Capital Market. In accordance
with Nasdaq rules, the Company has 45 calendar days from the date of the Notice to submit a plan to regain compliance with the Nasdaq
Listing Rules. The Company intends to evaluate available options to regain compliance and timely submit a compliance plan to Nasdaq.
If the Company’s compliance
plan is accepted, the Company may be granted up to 180 calendar days from November 22, 2023 to evidence compliance. If the plan is not
accepted, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
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.
November
29, 2023 |
Biofrontera
Inc. |
(Date) |
(Registrant) |
|
|
|
/s/
E. Fred Leffler III |
|
E.
Fred Leffler, III |
|
Chief
Financial Officer |
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