Form 8-K - Current report
29 November 2023 - 8:01AM
Edgar (US Regulatory)
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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): November 28, 2023 (November 21,
2023)
AUDDIA
INC.
(Exact name of registrant as specified
in its charter)
Delaware |
|
001-40071 |
|
45-4257218 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
2100 Central Avenue, Suite 200 |
|
|
Boulder, Colorado |
|
80301 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (303) 219-9771
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:
Title of each class |
Trading Symbol(s) |
Name of exchange on which registered |
Common
Stock |
AUUD |
Nasdaq Stock Market |
Common Stock Warrants |
AUUDW |
Nasdaq Stock Market |
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
Previous October 2023 Nasdaq Bid Price Notice
As previously disclosed, on October 24, 2023, Auddia Inc. (the “Company”)
received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that
the Company had not regained 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”) and was not eligible for an additional 180 calendar day
compliance period. As a result, the Nasdaq staff determined to delist the Company’s Common Stock from Nasdaq, unless the Company
timely requests an appeal of the Staff’s determination to a Hearings Panel (the “Panel”), pursuant to the procedures
set forth in the Nasdaq Listing Rule 5800 Series.
The Company has requested a hearing before the Panel to appeal the
October notice and to address compliance with the Bid Price Requirement. Such hearing is expected to occur in mid-January 2024. While
the appeal process is pending, the suspension of trading of the Company’s common stock, will be stayed and the common stock will
continue to trade on The Nasdaq Capital Market until the hearing process concludes and the Panel issues a written decision.
New November 2023
Nasdaq Notice Regarding Stockholders’ Equity Requirement
On November 21, 2023,
the Company received a written notice from Nasdaq indicating that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires
companies listed on The Nasdaq Capital Market to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing
(the “Stockholders’ Equity Requirement”). In its quarterly report on Form 10-Q for the period ended September 30, 2023,
the Company reported stockholders’ equity of $2,415,012, and, as a result, does not currently satisfy Listing Rule 5550(b)(1).
Nasdaq’s November notice letter has no immediate impact on the
listing of the Company’s common stock.
The Company’s previously scheduled hearing before the Panel in
mid-January 2024 will address all outstanding listing compliance matters, including compliance with the Stockholders’ Equity Notice
as well as compliance with the Bid Price Requirement.
While the appeal process is pending, the suspension of trading of the
Company’s common stock, will be stayed and the common stock will continue to trade on The Nasdaq Capital Market until the hearing
process concludes and the Panel issues a written decision.
The Company intends to
take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq.
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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AUDDIA INC. |
|
|
|
November 28, 2023 |
By: |
/s/ Michael Lawless |
|
|
Name: Michael Lawless |
|
|
Title: Chief Executive Officer |
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