Basanite, Inc. Faces Delisting Concerns
Ticker: BASA · Form: 8-K · Filed: Aug 2, 2024 · CIK: 1448705
| Field | Detail |
|---|---|
| Company | Basanite, INC. (BASA) |
| Form Type | 8-K |
| Filed Date | Aug 2, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rule, compliance
TL;DR
BASANITE facing delisting issues - stock could be in trouble.
AI Summary
Basanite, Inc. filed an 8-K on August 2, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates that the company may be facing issues related to its stock exchange listing, though specific details regarding the rule or standard not met are not provided in this excerpt.
Why It Matters
This filing suggests potential instability in Basanite, Inc.'s stock market presence, which could impact investor confidence and the company's ability to raise capital.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant red flag for a company's financial health and market viability.
Key Players & Entities
- BASANITE, INC. (company) — Registrant
- Nevada (jurisdiction) — State of incorporation
- 000-53574 (filing_id) — Commission File Number
- 20-4959207 (tax_id) — I.R.S Employer Identification No.
- August 2, 2024 (date) — Date of Report
- July 30, 2024 (date) — Date of earliest event reported
FAQ
What specific listing rule or standard has Basanite, Inc. failed to satisfy?
The provided excerpt of the 8-K filing does not specify the exact listing rule or standard that Basanite, Inc. has failed to satisfy.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on July 30, 2024.
What is the Commission File Number for Basanite, Inc.?
The Commission File Number for Basanite, Inc. is 000-53574.
In which state was Basanite, Inc. incorporated?
Basanite, Inc. was incorporated in Nevada.
What is the I.R.S Employer Identification Number for Basanite, Inc.?
The I.R.S Employer Identification Number for Basanite, Inc. is 20-4959207.
Filing Stats: 713 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-08-02 17:00:09
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value BASA OTCQB Indicate by ch
Filing Documents
- basa_8k.htm (8-K) — 24KB
- ex99x1.htm (EX-99.1) — 4KB
- 0001079973-24-001165.txt ( ) — 194KB
- basa-20240730.xsd (EX-101.SCH) — 3KB
- basa-20240730_lab.xml (EX-101.LAB) — 33KB
- basa-20240730_pre.xml (EX-101.PRE) — 22KB
- basa_8k_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On July 30, 2024, Basanite Industries, Inc. (the "Company") received a notice from OTC Markets Group Inc. (the "OTCQB") indicating that the Company is not in compliance with certain OTCQB continued listing standards. Specifically, the Company has been informed that it does not meet the financial reporting requirements necessary to maintain its listing on the OTCQB market. The notice indicates that the Company must cure the deficiencies outlined in the notice by October 28, 2024, to avoid being removed from the OTCQB marketplace. The specific deficiencies cited by the OTCQB include: 1. Failure to Meet Minimum Bid Price: The Company's common stock has not maintained the minimum bid price required by OTCQB standards. The Company is actively working to address these issues and is committed to regaining compliance within the specified time frame. The Company's management team is working on a plan to rectify the deficiencies. This plan may include, if necessary, a reverse split of the Company's common stock. Any such reverse split would reduce the Company's authorized common shares proportionally with the issue and outstanding common shares. The Company can make no assurance or guarantees that it will be successful in its efforts.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in these statements. These risks and uncertainties include, but are not limited to, the ability of the Company to file its Quarterly Report on Form 10-Q in a timely manner, the Company's ability to maintain compliance with OTCQB continued listing standards, and other factors described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements, except as required by law.
01Financial Statements and Exhibits
Item 9.01Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Notice from OTCQB dated July 30, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
SIGNATURES
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. Dated: August 2, 2024 BASANITE, INC. By: /s/ Ronald J. LoRicco, Sr. Name: Ronald J. LoRicco, Sr. Title: Acting Interim Chief Executive Officer