Form 8-K - Current report
September 20 2024 - 5:01PM
Edgar (US Regulatory)
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0001762239
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2024-09-16
2024-09-16
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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): September
16, 2024
Kaival
Brands Innovations Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40641 |
|
83-3492907 |
(State or other jurisdiction |
|
(Commission |
|
(IRS Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
4460 Old Dixie
Highway
Grant-Valkaria, Florida 32949
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including area
code: (833) 452-4825
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 |
KAVL |
The Nasdaq Stock Market, LLC |
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)) |
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 September 16, 2024, Kaival Brands Innovations Group,
Inc. (the “Company”) received notification from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that
it is not in compliance with the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing
Rule 5550(a)(2), because the closing bid price of the Company’s common stock (the “Common Stock”) was below $1.00 per
share for 30 consecutive business days. The notification does not impact the listing of the Company’s Common Stock on The Nasdaq
Capital Market at this time.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A),
the Company has a period of 180 calendar days from the date of notification, or until March 17, 2025, to regain compliance with the minimum
bid price requirement. During this period, the Company’s Common Stock will continue to trade on The Nasdaq Capital Market. If at
any time before March 17, 2025 , the bid price of the Company’s Common Stock closes at or above $1.00 per share for a minimum of
10 consecutive trading days, Nasdaq will provide written notification that the Company has achieved compliance with this minimum bid price
requirement.
In the event the Company does not regain compliance
by March 17, 2025, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the
bid price requirement. To qualify for the additional 180-day period, the Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of
the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second
compliance period by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or
fails to regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company.
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 thereunto duly authorized.
Dated: September 20, 2024 |
Kaival Brands Innovations Group, Inc. |
|
|
|
|
By: |
/s/ Mark Thoenes |
|
|
Mark Thoenes |
|
|
Chief Executive Officer |
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