Current Report Filing (8-k)
January 11 2023 - 4:11PM
Edgar (US Regulatory)
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2023-01-05
2023-01-05
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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 5, 2023
Accelerate Diagnostics, Inc.
(Exact name of registrant as specified in
charter)
Delaware
(State or other jurisdiction
of incorporation)
001-31822 |
|
84-1072256 |
(Commission File Number) |
|
(IRS Employer Identification No.) |
3950 South Country Club Road, Suite 470, Tucson, Arizona |
|
85714 |
(Address of principal executive offices) |
|
(Zip Code) |
(520) 365-3100
(Registrant’s
telephone number, including area code)
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
(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-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 |
Name of each exchange on which
registered |
Common Stock, $0.001 par value per share |
AXDX |
The Nasdaq Stock Market LLC
(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. |
On January 5, 2023, Accelerate
Diagnostics, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department (the “Staff”)
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing
bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The
Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). In accordance with
Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until July 5, 2023 (the “Compliance Date”),
to regain compliance with the Minimum Bid Price Requirement. If, at any time before the Compliance Date, the closing bid price for the
Company’s common stock is at least $1.00 for a minimum of ten consecutive business days, the Staff will provide the Company written
confirmation of compliance with the Minimum Bid Price Requirement.
If the Company does not
regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar
day compliance period, provided that it meets the continued listing requirement for the 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 notifies the Staff
of its intention to cure the deficiency during the additional compliance period.
If the Company does not
regain compliance with the Minimum Bid Price Requirement by the Compliance Date and is not eligible for an additional compliance period
at that time, the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time,
the Company may appeal the Staff’s delisting determination to a Nasdaq Hearing Panel. There can be no assurance that the Company
will regain compliance with the Minimum Bid Price Requirement or otherwise maintain compliance with any of the other Nasdaq listing requirements.
The Company intends to
monitor the closing bid price of its common stock and will consider various options available to it if its common stock does not trade
at a level to regain compliance with the Minimum Bid Price Requirement. These options include effecting a reverse stock split designed
to increase the bid price of the Company’s common stock in an amount sufficient to regain compliance with the Minimum Bid Price
Requirement. There can be no assurances that a reverse stock split will be consummated or that it will achieve its intended effects.
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.
|
ACCELERATE DIAGNOSTICS, INC.
|
|
(Registrant) |
Date: January 11, 2023 |
|
|
/s/ Steve Reichling |
|
Steve Reichling |
|
Chief Financial Officer |
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