Current Report Filing (8-k)
March 19 2019 - 5:17PM
Edgar (US Regulatory)
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): March 14, 2019
NanoVibronix, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware
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(State or other jurisdiction of incorporation)
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001-36445
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01-0801232
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(Commission File Number)
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(IRS Employer Identification No.)
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525 Executive Blvd., Elmsford,
NY 10523
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(Address of
principal executive offices)
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(Zip Code)
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Registrant’s
telephone number, including area code: (914) 233-3004
Not Applicable
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(Former name or former address, if changed since last report)
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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:
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17
CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. ☐
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Item
3.01
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Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of
Listing.
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As
previously disclosed, on September 14, 2018, NanoVibronix, Inc. (the “Company”) received a letter from the Listing
Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that
it was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital
Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million.
In the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2018 and September 30, 2018, the
Company reported stockholders’ equity of $2.2 million and 1.4 million, respectively, which were below the minimum stockholders’
equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). Further, as of March 14, 2019, the Company did
not meet the alternative compliance standards relating to the market value of listed securities of $35 million or 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.
On
October 26, 2018, November 23, 2018 and January 9, 2019, the Company submitted a plan and supporting documentation to regain compliance
with the minimum stockholders’ equity requirement and was granted an extension through March 13, 2019 to comply with this
requirement.
The
Staff notified the Company by letter dated March 14, 2019 that it determined that the Company did not meet the terms of the extension
because it was unable to complete the proposed equity financing and evidence compliance with the minimum $2.5 million stockholders’
equity requirement for continued listing on the Nasdaq Capital Market by March 13, 2019, and the Company’s common stock
would be subject to delisting from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”).
The Company will have until March 21, 2019 to request a hearing.
The
Company plans to timely request a hearing before the Panel, which request will stay any delisting action by the Staff at least
until the hearing process concludes and any extension granted by the Panel expires. At the hearing, the Company will present its
plan to evidence compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital
Market, and request an extension of time within which to do so. The Company’s common stock will continue to trade on Nasdaq
under the symbol “NAOV” at least pending the ultimate conclusion of the hearing process.
There
can be no assurances that the Panel will grant the Company’s request for continued listing or that the Company will be able
to evidence compliance with all applicable requirements for continued listing on The Nasdaq Capital Market within any extension
of time that may be granted by the 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.
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NANOVIBRONIX, INC.
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Date:
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March 19, 2019
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By:
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/s/
Stephen Brown
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Name: Stephen Brown
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Title: Chief Financial Officer
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