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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported): August
9, 2023 (August 22, 2022)
ABVC BIOPHARMA, INC.
(Exact name of registrant as specified in its charter)
Nevada |
|
333-91436 |
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26-0014658 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
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(IRS Employer
Identification No.) |
44370 Old Warm Springs Blvd.
Fremont, CA |
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94538 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number including area
code: (510) 668-0881
(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) |
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☐ |
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 |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
ABVC |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an
emerging growth company as defined in 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.
As disclosed on the initial Current Report on Form
8-K filed on August 22, 2022, ABVC BioPharma, Inc. (the “Company”) received a deficiency letter from the Nasdaq Listing
Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the
Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock was below the minimum
$1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (“Rule
5550(a)(2)”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was initially given until February 14, 2023
to regain compliance with Rule 5550(a)(2). Since the Company did not regain compliance by such date, it requested and received an additional
180 days, until August 14, 2023, to comply with Rule 5550(a)(2).
On August 8, 2023, the Company received a notification
letter (the “Notification Letter”) from Nasdaq notifying the Company that the Staff has determined that for 10 consecutive
business days, from July 25, 2023 to August 7, 2023, the closing bid price of the Company’s common stock has been at least $1.00
per share or greater. Accordingly, the Staff has determined that the Company has regained compliance with Listing Rule 5550(a)(2)
and has indicated that the matter is now closed.
On August 10, 2023, the Company shall issue a press
release announcing that the Company received the Notification Letter and regained compliance with Nasdaq’s minimum bid price requirement.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
The following
exhibits are furnished with this Current Report on Form 8-K:
SIGNATURE
Pursuant to the requirements of the Securities and
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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ABVC BioPharma, Inc. |
|
|
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August 9, 2023 |
By: |
/s/ Uttam Patil |
|
|
Uttam Patil |
|
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Chief Executive Officer |
Exhibit 99.1
ABVC
BioPharma Regains Compliance with Nasdaq's Minimum Bid Price Requirement
Fremont, CA (August 10, 2023) –
ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing therapeutic solutions
in ophthalmology, neurology, and oncology/hematology, announced today that on August 08, 2023, it received a letter from the Nasdaq Listing
Qualifications Department notifying the Company that it had regained compliance with the minimum bid price requirement.
On August 19, 2022, the Company received a notification
that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days, as required by Nasdaq
Listing Rules of The Nasdaq Stock Market. The closing bid price of the Company's common stock was at $1.00 per share or greater from July
25 to August 7, 2023. Accordingly, the Company has regained compliance with Nasdaq Capital Market Minimum Bid Price Requirement per Listing
Rule 5550(a)(2) and this matter is now closed.
About ABVC BioPharma & Its Industry
ABVC BioPharma is a clinical-stage biopharmaceutical
company with an active pipeline of six drugs and one medical device (ABV-1701/Vitargus®) under development. For its drug
products, the Company utilizes in-licensed technology from its network of world-renowned research institutions to conduct proof-of-concept
trials through Phase II of clinical development. The Company's network of research institutions includes Stanford University, University
of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus®, the Company intends to conduct global clinical
trials through Phase III.
We believe the Company's pipeline products have
great market potential. As per the Future Market Insights report, the MDD market was valued at $11.51 billion in 2022 and is expected
to reach $14.96 billion by 2032 with a CAGR of 2.8% over the forecast period.[1] According to the Polaris market research report,
the global ADHD treatment market was valued at $16.13 billion in 2022 and is expected to reach $32.14 billion by 2030 with a CAGR of 7.1%
over the forecast period.[2] According to iHealthcare Analyst, Inc., the global market for retinal surgery devices is expected
to reach $3.7 billion by 2027, driven by the rising geriatric population worldwide.[3]
Forward-Looking Statements
This press release contains "forward-looking
statements." Such statements may be preceded by the words "intends," "may," "will," "plans,"
"expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes,"
"hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based
on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control,
and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such
forward-looking statements. None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation,
risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in
collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size
and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval
to proceed to the next level of the clinical trials or to market our product candidates. More detailed information about the Company and
the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities
and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors are
urged to read these documents free of charge on the SEC's website at http://www.sec.gov. The Company assumes no obligation to publicly
update or revise its forward-looking statements as a result of new information, future events or otherwise.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United
States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of
the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or jurisdiction.
Contact:
Tom Masterson
Email: tmasterson@allelecomms.com
[1] https://www.futuremarketinsights.com/reports/major-depressive-disorder-treatment-market#:~:text=The%20major%20depressive%20disorder%20(MDD,US%24%2011.51%20billion%20in%202022
[2] https://www.prnewswire.com/news-releases/global-attention-deficit-hyperactivity-disorder-adhd-market-size-projected-to-reach-usd-32-14-billion-by-2032--with-cagr-of-7-1-study-by-polaris-market-research-301729196.html#:~:text=According%20to%20the%20research%20report
[3] https://www.ihealthcareanalyst.com/technological-advancement-ophthalmic-surgery-retinal-surgery-devices-market/
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