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 4, 2018

 

 

Abtech Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada 000-52762 14-1994102
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
     
 

4110 N. Scottsdale Road, Suite 235

Scottsdale, Arizona 85251

 

 

  (Address of principal executive offices)  

 

480-874-4000

(Registrant's telephone number, including area code)

 

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:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o 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 8.01. Other Events.

 

On September 4, 2018, Abtech Holdings, Inc. (the “Company”) received a notice (the “September Notice”) from OTC Markets Group stating that the Company would be moved from OTCQB to OTC Pink tier of the OTC Markets Group before the next market open. The September Notice stated that OTC Markets Group had previously provided the Company with a 90 day grace period to cure the Company’s bid price deficiency, which had now expired.

 

OTC Markets Group had notified the Company in a June 4, 2018 Bid Price Deficiency Notice (the “June Notice”) that the Company’s bid price had closed below $0.01 for more than 30 consecutive calendar days and no longer met the Standards for Continued Eligibility for OTCQB as per the OTCQB Standards Section 2.3(2). The June Notice stated that pursuant to Section 4.1 of the OTCQB Standards, the Company was granted a cure period of 90 calendar days during which the minimum closing bid price for the Company’s common stock must be $0.01 or greater for ten consecutive trading days in order to continue trading on the OTCQB marketplace.

 

Effective September 5, 2018, the Company’s common stock was downgraded from the OTCQB to the OTC Pink tier of the OTC Markets Group because the Company did not cure the deficiencies noted in the June Notice.

 

As previously reported, the Company’s stockholders approved a reverse stock split on August 15, 2018. The Company is now seeking the approval of FINRA to initiate the reverse stock split, which approval is not guaranteed. The reverse stock split would cure the bid price deficiency noted in the June Notice and permit the Company to migrate back to trading on the OTCQB.

 

 

 

 

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.

 

Dated: September 7, 2018

 

  ABTECH HOLDINGS, INC.,  
  a Nevada corporation  
     
     
     
  By:  /s/ Glenn R. Rink  
    Glenn R. Rink
President and Chief Executive Officer