Form 8-K - Current report
November 27 2023 - 8:30AM
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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 21, 2023
BIMI International Medical Inc. |
(Exact name of registrant as specified in its charter) |
Delaware |
|
001-34890 |
|
02-0563302 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
725 5th Avenue, 15th Floor, 15-01
New York NY |
|
10022 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: 212 542 0028
|
(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 Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common stock, $0.001 par value |
|
BIMI |
|
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 (§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.
On November 21, 2023, BIMI International Medical Inc. (the “Company”)
received a notification letter (the “Nasdaq Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) stating that,
because the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the “Third Quarter
Form 10-Q”), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires
listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission.
The Nasdaq Letter also stated that Nasdaq had previously granted the
Company an exception until December 8, 2023 to file its delinquent Form 10-Q for the period ended June 30, 2023 (the “Initial Delinquent
Filing”), which was subsequently filed on November 22, 2023.. As a result, any additional Nasdaq exception to allow the Company
to regain compliance with all delinquent filings, will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent
Filing, or February 20, 2024.
As a result of this additional delinquency, the Company must submit
an update to its original plan to regain compliance with respect to the filing requirement. The update should be as definitive as possible,
including plans to file the Form 10-Q for the period ended September 30, 2023, and indicate the progress the Company has made towards
implementing the plan submitted in connection with the Initial Delinquent Filing, which was subsequently filed.
On November 27, 2023, the Company issued a press release announcing
its receipt of the Nasdaq Letter. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated
by reference herein.
Item 9.01. Financial Statement and Exhibits.
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.
Dated: November 27, 2023 |
BIMI International Medical Inc. |
|
|
|
By: |
/s/ Tiewei Song |
|
Name: |
Tiewei Song |
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
BIMI
Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)
NEW YORK, November 27, 2023 -- BIMI
International Medical Inc. (the “Company”) today announced that on November 21, 2023, the Company received a notification
letter from The Nasdaq Stock Market LLC (“Nasdaq”) stating that, because the Company has not yet filed its Quarterly Report
on Form 10-Q for the period ended September 30, 2023 (the “Third Quarter Form 10-Q”), the Company is no longer in compliance
with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial
reports with the Securities and Exchange Commission. The Nasdaq letter has no immediate effect on the listing of the Company’s shares.
The Nasdaq letter also stated that previously
Nasdaq had granted the Company an exception until December 8, 2023, to file its delinquent Form 10-Q for the period ended June 30, 2023
(the “Initial Delinquent Filing”). As a result, any additional Nasdaq exception to allow the Company to regain compliance
with all delinquent filings, will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or
February 20, 2024.
As a result of this additional delinquency, the
Company must submit an update to its original plan to regain compliance with respect to the filing requirement. The update should be as
definitive as possible, including plans to file the Form 10-Q for the period ended September 30, 2023, and indicate the progress the Company
has made towards implementing the plan submitted in connection with the Initial Delinquent Filing.
The Initial Delinquent Filing was resolved when
the Company filed its Form 10-Q for the period ended June 30, 2023 on November 22, 2023. The Company intends to resolve the deficiency
with respect to the Third Quarter Form 10-Q and regain compliance with the Nasdaq Listing Rules.
About BIMI International Medical Inc.
BIMI International Medical Inc. is a healthcare
products and services provider, offering a broad range of healthcare products and related services. For more information, please visit
www.usbimi.com.
Safe Harbor Statement
Certain matters discussed in this news release
are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, the Company’s ability
to file its overdue Form 10-Qs, achieve profitable operations, continue to operate as a going concern, continue to meet NASDAQ continued
listing requirements, the effects of the spread of COVID-19, the demand for the Company’s products and services in the People’s
Republic of China, general economic conditions and other risk factors detailed in the Company’s annual report and other filings
with the United States Securities and Exchange Commission.
Investor Relations Contact
Investor Relations Department of BIMI International
Medical Inc.
Email: vinson@usbimi.com
Tel: +1 949 981 6274
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BIMI International Medical Inc.
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02-0563302
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DE
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New York
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