Form 8-K - Current report
August 15 2023 - 12:33PM
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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
August
15, 2023
Date
of Report (Date of earliest event reported)
PETVIVO
HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-40715 |
|
99-0363559 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
5251
Edina Industrial Blvd.
Edina,
Minnesota |
|
55349 |
(Address of principal executive
offices) |
|
(Zip Code) |
(952)
405-6216
Registrant’s
telephone number, including area code
Check
the appropriate box below if the Form 8-K 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 |
|
PETV |
|
The Nasdaq Stock Market LLC |
Warrants |
|
PETVW |
|
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
8.01 Other Events.
As
previously reported, on February 17, 2023, the Company received a letter from Nasdaq stating that the Company was not in compliance with
Nasdaq Listing Rule 5550(b)(1) (the “Rule”) because the stockholders’ equity of the Company for the period ended December
31, 2022, as reported in the Company’s Quarterly Report on Form 10-Q filed with the SEC on February 14, 2023, was below the minimum
requirement of $2,500,000.
Pursuant
to Nasdaq’s Listing Rules, the Company submitted to Nasdaq a plan to regain compliance with the Rule (a “Compliance Plan”).
On May 2, 2023, Nasdaq notified the Company that based on its review of the Compliance Plan, the Company has been granted an extension
to regain compliance with the Rule subject to the filing of this Current Report on Form 8-K that includes the disclosures herein.
On
July 27, 2023, the Company issued convertible promissory notes in the amount of $550,000 to three accredited investors (“note holders”)
in a private offering (“Debenture Offering”). On August 9, 2023, the Company raised gross proceeds of $1,800,000 in
a registered direct offering (the “Registered Direct Offering”) to two accredited investors, with a concurrent private
offering of warrants. On August 11, 2023, the note holders converted their debentures, plus accrued and unpaid interest, into an aggregate
of 385,000 restricted shares of the Company’s common stock (the “Conversion Transaction”) pursuant to convertible
debenture conversion agreements with the Company. As a result of the gross proceeds of $2,350,000 raised in the Private Note Offering
and the Registered Direct Offering and the Conversion Transaction, the Company believes that it meets the minimum $2,500,000 million
stockholders’ equity requirement for continued listing on the Nasdaq Capital Market as of the date of this Current Report on Form
8-K and has regained compliance with the Rule. As of August 15, 2023, the Company’s stockholders’ equity was approximately
$2,719,000.
However,
Nasdaq has informed the Company that it will continue to monitor the Company’s ongoing compliance with the stockholders’
equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, it may be subject to delisting.
Nasdaq has further advised the Company that if it fails to evidence compliance with the Rule upon the filing of its Quarterly Report
on Form 10-Q for the period ended September 30, 2023, the Company may be subject to delisting.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
PETVIVO HOLDINGS, INC. |
|
|
|
Date: August 15, 2023 |
By: |
/s/ John
Lai |
|
Name: |
John Lai |
|
Title: |
Chief Executive Officer |
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