false 0001108967 0001108967 2023-06-28 2023-06-28
 
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):
June 28, 2023
 
Commission File Number: 0-29923
 
Orbital Infrastructure Group, Inc.
(Exact Name of registrant as specified in Its Charter)
 
      Texas
      84-1463284
(State or Jurisdiction of 
(I.R.S. Employer Identification No.)
Incorporation or Organization)
  
   
      5444 Westheimer Road
  
      Suite 1650
  
      Houston, Texas 77056
  
(Address of Principal Executive Offices)
  
 
(832) 467-1420
(Registrant’s telephone number)
 
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 (see General Instruction A.2. below):
 
☐
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 240.1 4d-2(b))
 
☐
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. ☐
 
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, $0.001 par value
OIG
Nasdaq Capital Market
 
 
 
 
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
 
On December 28, 2022, Staff notified the Company that the market value of its listed securities had been below the $35,000,000 minimum required for continued listing as set forth in Listing Rule 5550(b)(2) (the “Rule”) for the previous 30 consecutive trading days. Therefore, in accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until June 26, 2023, to regain compliance with the Rule.
 
The Company has not regained compliance with the Rule. Accordingly, its securities will be delisted from The Nasdaq Capital Market.
 
The Company intends to appeal the staff’s determination to the Panel on a timely basis, which will stay the suspension of the Company’s common stock.
 
The Company intends to evaluate available options to regain compliance with the $35,000,000 Minimum Bid Requirement.
 
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 thereunto duly authorized.
 
Signed and submitted this 30th day of June 2023.
 
Orbital Infrastructure Group, Inc.
(Registrant)
 
By: /s/ William J. Clough
William J. Clough
Executive Chairman and CLO
 
 
v3.23.2
Document And Entity Information
Jun. 28, 2023
Document Information [Line Items]  
Entity, Registrant Name Orbital Infrastructure Group, Inc.
Document, Type 8-K
Document, Period End Date Jun. 28, 2023
Entity, File Number 0-29923
Entity, Incorporation, State or Country Code TX
Entity, Tax Identification Number 84-1463284
Entity, Address, Address Line One 5444 Westheimer Road
Entity, Address, Address Line Two Suite 1650
Entity, Address, City or Town Houston
Entity, Address, State or Province TX
Entity, Address, Postal Zip Code 77056
City Area Code 832
Local Phone Number 467-1420
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Title of 12(b) Security Common stock
Trading Symbol OIG
Security Exchange Name NASDAQ
Amendment Flag false
Entity, Central Index Key 0001108967
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