Form 8-K - Current report
02 December 2023 - 9:00AM
Edgar (US Regulatory)
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2023-11-28
2023-11-28
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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
Red
Cat Holdings, Inc.
(Exact name of registrant
as specified in its charter)
Nevada
(State or other
jurisdiction of incorporation) |
|
001-40202
(Commission
File Number) |
|
88-0490034
(I.R.S. Employer
Identification No.) |
15
Ave. Munoz Rivera Ste
2200
San
Juan, PR
(Address of principal executive offices) |
00901
(Zip
Code) |
Registrant’s
telephone number, including area code: (833)
373-3228
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 each exchange on which registered |
Common
stock, par value $0.001 |
RCAT |
The
Nasdaq Capital
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
On November
28, 2023, Red Cat Holdings, Inc. (the “Company”) received a letter from The Nasdaq Stock Market, LLC (“Nasdaq”),
indicating that the Company no longer meets the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum
Bid Price Requirement”) because the closing bid price for the Company’s common stock was less than $1.00 for the previous
30 consecutive business days. The letter has no immediate effect on the listing of the Company’s common stock on The Nasdaq Capital
Market.
Under Nasdaq
Listing Rule 5810(c)(3)(A), the Company has a 180-calendar day period, or until May 28, 2024 (the “Compliance Date”), to
regain compliance with the Minimum Bid Price Requirement. The Minimum Bid Price Requirement will be met if the Company’s common
stock has a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180-calendar
day period, unless Nasdaq exercises its discretion to extend such 10-day period. If the Company does not regain compliance by the Compliance
Date, the Company may be eligible for an additional 180-calendar day period, subject to satisfying the conditions in the applicable Nasdaq
Listing Rules. The Company is monitoring the closing bid price of its common stock and will consider options to regain compliance with
the Minimum Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum
Bid Price Requirement.
The
Company's common stock trades on NASDAQ Capital Market under the symbol “RCAT.”
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.
|
RED CAT HOLDINGS, INC. |
|
|
|
|
|
Dated: December 1, 2023 |
By: |
/s/ Jeffrey
Thompson |
|
|
|
Name: Jeffrey Thompson |
|
|
|
Title: Chief Executive Officer |
|
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