Form 8-K - Current report
30 January 2024 - 8:15AM
Edgar (US Regulatory)
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0001106838
0001106838
2024-01-24
2024-01-24
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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): January 24, 2024
SONNET
BIOTHERAPEUTICS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-35570 |
|
20-2932652 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
100
Overlook Center, Suite 102 |
|
|
Princeton,
New Jersey |
|
08540 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (609) 375-2227
N/A
(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, $0.0001 Par Value |
|
SONN |
|
The
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
8.01. Other Events.
Sale
of New Jersey Net Operating Losses
As
previously reported, in December 2023, the Company received preliminary approval of its application to sell up to $4.8 million of its
New Jersey state net operating losses through the Technology Business Tax Certificate Transfer Program (the “Program”). On
January 24, 2024, the Company executed an Agreement pursuant to the Program whereby a buyer (the “Buyer”) has agreed to purchase,
and the Company agreed to sell, such net operating losses (the “Sale Agreement”). The Company expects to receive the
proceeds during February 2024. The sale is expected to result in net proceeds to the Company of $4.3 million, after deducting expected
fees.
Nasdaq
Compliance
As
previously reported, on December 15, 2023, the Company received notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”)
advising the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing on The
Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on The Nasdaq Capital Market to maintain stockholders’
equity of at least $2,500,000 (the “Stockholders’ Equity Requirement”). In the Company’s Annual Report on Form
10-K for the year ended September 30, 2023, the Company reported stockholders’ equity (deficit) of $(225,980), which is below the
Stockholders’ Equity Requirement for continued listing. Pursuant to the Notice, Nasdaq gave the Company 45 calendar days, or until
January 29, 2024, to submit to Nasdaq a plan to regain compliance.
In
light of the execution of the Sale Agreement on January 24, 2024, which the Company considers a receivable for accounting purposes, and the cancellation by the compensation committee of the Company of accrued but unpaid bonuses totaling $1.9
million on December 27, 2023 (as previously reported), as of the filing date of this Current Report on Form 8-K, the Company believes
that it has stockholders’ equity above the $2.5 million Stockholders’ Equity Requirement.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
No. |
|
Exhibit |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
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.
|
Sonnet
BioTherapeutics Holdings, Inc. |
|
a
Delaware corporation |
|
(Registrant) |
|
|
|
Date:
January 29, 2024 |
By: |
/s/
Pankaj Mohan, Ph.D. |
|
Name: |
Pankaj
Mohan, Ph.D. |
|
Title: |
Chief
Executive Officer |
v3.24.0.1
Cover
|
Jan. 24, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
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Amendment Flag |
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Document Period End Date |
Jan. 24, 2024
|
Entity File Number |
001-35570
|
Entity Registrant Name |
SONNET
BIOTHERAPEUTICS HOLDINGS, INC.
|
Entity Central Index Key |
0001106838
|
Entity Tax Identification Number |
20-2932652
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
100
Overlook Center
|
Entity Address, Address Line Two |
Suite 102
|
Entity Address, City or Town |
Princeton
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
08540
|
City Area Code |
(609)
|
Local Phone Number |
375-2227
|
Written Communications |
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|
Soliciting Material |
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|
Pre-commencement Tender Offer |
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|
Pre-commencement Issuer Tender Offer |
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|
Title of 12(b) Security |
Common
Stock, $0.0001 Par Value
|
Trading Symbol |
SONN
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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