Current Report Filing (8-k)
24 December 2022 - 8:01AM
Edgar (US Regulatory)
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2022-12-20
2022-12-20
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2022-12-20
2022-12-20
0001635077
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2022-12-20
2022-12-20
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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): December 23, 2022 (December 20,
2022)
Aclarion, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
001-41358 |
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47-3324725 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
of incorporation) |
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Identification No.) |
8181
Arista Place, Suite
100
Broomfield, Colorado 80021
(Address of Principal Executive
Offices) (Zip Code)
Registrant’s telephone number, including area code: (833) 275-2266
Not
Applicable
(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) |
| ☐ | 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: |
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Trading |
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Title of each class |
Symbol(s) |
Name of each exchange on which registered |
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Common Stock |
ACON |
Nasdaq Stock Market LLC |
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Common
Stock Warrants |
ACONW |
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 3.01 Notice of Delisting or Failure to
Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On December 20, 2022, Aclarion, Inc. (the “Company”)
received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”)
indicating that the Company is not in compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2)
for continued listing on The Nasdaq Capital Market (the “Bid Price Requirement”).
The Notice does not result in the immediate delisting
of the Company’s common stock from The Nasdaq Capital Market.
The Nasdaq Listing Rules require listed securities
to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price of the Company’s common stock for the 30
consecutive business days for the period November 4 through December 19, 2022, the Company no longer meets this requirement.
The Notice indicated that the Company will be
provided 180 calendar days in which to regain compliance. If at any time during this 180 calendar day period the bid price of the Company’s
common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the Nasdaq staff (the “Staff”)
will provide the Company with a written confirmation of compliance and the matter will be closed.
Alternatively, if the Company fails to regain
compliance with Rule 5550(a)(2) prior to the expiration of the initial 180 calendar day period, the Company may be eligible for an additional
180 calendar day compliance period, provided (i) it meets the continued listing requirement for market value of publicly held shares and
all other applicable requirements for initial listing on The Nasdaq Capital Market (except for the Bid Price Requirement) and (ii) it
provides written notice to Nasdaq of its intention to cure this deficiency during the second compliance period by effecting a reverse
stock split, if necessary. In the event the Company does not regain compliance with Rule 5550(a)(2) prior to the expiration of the initial
180 calendar day period, and if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is
not otherwise eligible, the Staff will provide the Company with written notification that its securities are subject to delisting from
The Nasdaq Capital Market. At that time, the Company may appeal the delisting determination to a Hearings Panel.
The Company intends to monitor the closing bid
price of its common stock and is considering its options to regain compliance with the Bid Price Requirement. The Company’s receipt
of the Notice does not affect the Company’s business, operations or reporting requirements with the Securities and Exchange Commission.
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.
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ACLARION, INC. |
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By: |
/s/ John Lorbiecki |
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Name: |
John Lorbiecki
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Title: |
Chief Financial Officer |
Dated:
December 23, 2022
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