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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): January 12, 2024
DATA
STORAGE CORPORATION
(Exact
name of registrant as specified in its charter)
(Former
Name of Registrant)
Nevada |
|
001-35384 |
|
98-0530147 |
(State
or Other Jurisdiction of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer Identification Number) |
48
South Service Road
Melville,
New York 11747
(Address
of principal executive offices) (zip code)
212-564-4922
(Registrant’s
telephone number, including area code)
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):
☐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-4I under the Exchange Act (17 CFR 240.13I(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 $0.001 per share |
|
DTST |
|
The
Nasdaq Capital Market |
Warrants
to purchase shares of Common Stock, par value $0.001 per share |
|
DTSTW |
|
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 by Data Storage Corporation
(the “Company”), on January 5, 2024, the Company notified The Nasdaq Stock Market (“Nasdaq”) of the recent passing
of Mr. Joseph B. Hoffman. At the time of his death, Mr. Hoffman was a director of the Company, the Chair of the Compensation Committee
and a member of each of the Audit Committee and the Nominating and Corporate Governance Committee. In the notice, the Company further
notified Nasdaq that, as a result of Mr. Hoffman’s passing, the Company’s Audit Committee currently consists of only two members,
rather than the minimum three members as required by Rule 5605(c)(2)(A) of the Nasdaq listing standards. Accordingly, the Company does
not meet the requirements of Rule 5605(c)(2)(A) of the Nasdaq listing standards, which requires that the Company maintain an audit committee
of at least three members, each of whom must meet specified criteria, including certain independence criteria.
On January 18, 2024, Nasdaq notified the Company that
due to the passing of Mr. Hoffman, the Company no longer complies with Nasdaq’s audit committee requirements as set forth in Rule
5605(c)(2)(A) of the Nasdaq listing standards. Nasdaq further notified the Company that, consistent with Rule 5605(c)(4) of the Nasdaq
listing standards, Nasdaq will provide the Company a cure period in order to regain compliance until the earlier of the Company’s
next annual meeting of shareholders or December 30, 2024 or, if the next annual meeting of shareholders is held before June 27, 2024,
then the Company must provide evidence of compliance no later than June 27, 2024. As discussed in Item 8.01 of this Current Report on
Form 8-K, if the Company holds its 2024 Annual Meeting of Shareholders on June 20, 2024, the Company will have until June 27, 2024 to
submit to Nasdaq documentation evidencing compliance with Rule 5605(c)(2)(A) of the Nasdaq listing standards. In the event the Company
does not regain compliance by June 27, 2024, Nasdaq rules require that the Staff provide written notification to the Company that its
securities will be delisted. At that time, the Company may appeal the delisting determination to a Hearings Panel.
The Company’s Board of Directors intends to
fill the vacancy on the Company’s Board of Directors and its Audit Committee with a person who meets the requirements of Rule 5605(c)(2)(A)
of the Nasdaq listing standards within the next few weeks, and in no event later than June 27, 2024.
Item 5.08. Shareholder Director Nominations.
To the extent applicable, the information in Item
3.01 and Item 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.08.
Item 8.01. Other Events.
The Company currently plans to hold its 2024 Annual
Meeting of Stockholders (the “2024 Annual Meeting”) on June 20, 2024. The Company intends to set the record date for determining
the stockholders of record who will be entitled to vote at the 2024 Annual Meeting will be close of business on April 23, 2024. The time
and location of the 2024 Annual Meeting will be as set forth in the Company’s definitive proxy statement for the 2024 Annual Meeting
to be filed with the Securities and Exchange Commission.
Because the scheduled date of the 2024 Annual Meeting
is more than 30 days prior to the anniversary of the Company’s 2023 Annual Meeting of Stockholders, prior disclosed deadlines regarding
the submission of stockholder proposals pursuant to Rule 14a-8 (“Rule 14a-8”) under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), for the 2024 Annual Meeting are no longer applicable. The Company is hereby providing notice
of certain revised deadlines for the submission of stockholder proposals in connection with the 2024 Annual Meeting. In order for a stockholder
proposal, submitted pursuant to Rule 14a-8, to be considered timely for inclusion in the Company’s proxy statement and form of proxy
for the 2024 Annual Meeting, such proposal must be received by the Company by April 1, 2024. The Company has determined that April 1,
2024 is a reasonable time before the Company plans to begin printing and mailing its proxy materials. Therefore, in order for a stockholder
to submit a proposal for inclusion in the Company’s proxy materials for the 2024 Annual Meeting, the stockholder must comply with
the requirements set forth in Rule 14a-8, including with respect to the subject matter of the proposal, and must deliver the proposal
and all required documentation to the Company no later than April 1, 2024. The public announcement of an adjournment or postponement of
the date of the 2024 Annual Meeting will not commence a new time period (or extend any time period) for submitting a proposal pursuant
to Rule 14a-8.
Generally, timely notice of any director nomination
or other proposal that any stockholder intends to present at the 2024 Annual Meeting, but does not seek to have included in the proxy
materials pursuant to Rule 14a-8, must be delivered no later than April 1, 2024. The Company has determined that April 1, 2024 is a reasonable
time before the Company plans to begin printing and mailing its proxy materials. Therefore, in order for a stockholder to timely submit
a director nomination or other proposal that the stockholder intends to present at the 2024 Annual Meeting, the stockholder must deliver
the director nomination or proposal to the Company no later than April 1, 2024.
In addition, to comply with the universal proxy rules,
stockholders who intend to solicit proxies in support of director nominees other than our nominees must provide notice that sets forth
the information required by Rule 14a-19 under the Exchange Act by April 21, 2024, which is 60 days prior to the date of the 2024 Annual
Meeting.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
Exhibit Description |
|
|
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
Dated: January 19, 2024 |
DATA STORAGE CORPORATION |
|
|
|
|
By: |
/s/ Charles M. Piluso |
|
Name: |
Charles M. Piluso |
|
Title: |
Chief Executive Officer |
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