JanOne Inc. Faces Delisting Notice
Ticker: ALTS · Form: 8-K · Filed: Apr 22, 2024 · CIK: 862861
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
JanOne got a delisting notice, might be in trouble.
AI Summary
JanOne Inc. (formerly Appliance Recycling Centers of America Inc /MN) filed an 8-K on April 22, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of April 16, 2024. The company, incorporated in Nevada with its principal executive offices in Las Vegas, NV, is in the pharmaceutical preparations industry.
Why It Matters
This filing indicates potential issues with JanOne Inc.'s continued listing on an exchange, which could impact its stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to investors.
Key Players & Entities
- JanOne Inc. (company) — Registrant
- Appliance Recycling Centers of America Inc /MN (company) — Former Company Name
- Nevada (jurisdiction) — State of Incorporation
- Las Vegas, NV (location) — Principal Executive Offices
- April 16, 2024 (date) — Date of earliest event reported
- April 22, 2024 (date) — Date of Report
FAQ
What specific listing rule or standard has JanOne Inc. failed to satisfy?
The filing does not specify the exact rule or standard that JanOne Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the effective date of the notice of delisting or failure to satisfy a continued listing rule?
The earliest event reported, which is the date of the notice, is April 16, 2024.
When was this Form 8-K filed with the SEC?
This Form 8-K was filed on April 22, 2024.
What was JanOne Inc.'s former name?
JanOne Inc.'s former name was APPLIANCE RECYCLING CENTERS OF AMERICA INC /MN.
Where are JanOne Inc.'s principal executive offices located?
JanOne Inc.'s principal executive offices are located at 325 E. Warm Springs Road, Suite 102, Las Vegas, NV 89119.
Filing Stats: 746 words · 3 min read · ~2 pages · Grade level 13.8 · Accepted 2024-04-22 16:22:13
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value per share JAN The NASDAQ Stoc
- $2,500,000 — es the Company to maintain a minimum of $2,500,000 in stockholders' equity for continued l
Filing Documents
- jan-20240416.htm (8-K) — 24KB
- 0001628280-24-017126.txt ( ) — 148KB
- jan-20240416.xsd (EX-101.SCH) — 2KB
- jan-20240416_lab.xml (EX-101.LAB) — 22KB
- jan-20240416_pre.xml (EX-101.PRE) — 13KB
- jan-20240416_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 16, 2024, JanOne Inc. (the "Company") received a notice (the "Nasdaq Notice") from The NASDAQ Stock Market ("Nasdaq") that the Company does not presently comply with Nasdaq's Listing Rule 5550(b)(1) that requires the Company to maintain a minimum of $2,500,000 in stockholders' equity for continued listing. The Nasdaq Notice does not have any immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market and the Company has 45 calendar days from the date of the Nasdaq Notice to submit a plan to Nasdaq to regain compliance with Nasdaq's continued listing rules. The Company intends to submit such a plan with the relevant time frame. If the Company's plan is accepted, Nasdaq can grant the Company with an extension of up to 180 calendar days from the date of the Nasdaq Notice for the Company to show evidence compliance with its plan and with the relevant Nasdaq continued listing rules. In connection with the Company's plan, once submitted, Nasdaq staff will consider such things as the likelihood that the plan will result in compliance with Nasdaq's continued listing criteria, the Company's past compliance history, the reasons for the Company's current non-compliance, other corporate events that may occur during staff's review period, the Company's overall financial condition, and the Company's public disclosures. If, in the staff's consideration of the Company's plan, staff were to determine that the Company would not be able to cure the deficiency, then Nasdaq would provide notice that the Company's common stock would be subject to delisting. Upon such a notice, the Company would have the right to appeal that determination and the Company's common stock would continue to remain listed on The Nasdaq Capital Market until the completion of the appeal process. The Company is considering various actions that it may take in re
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. JanOne Inc. By: /s/ Tony Isaac Name: Tony Isaac Title: President and Chief Executive Officer Dated: April 22, 2024