BioTricity Inc. Faces Delisting Concerns
Ticker: BTCY · Form: 8-K · Filed: Apr 23, 2024 · CIK: 1630113
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
BioTricity might get delisted, check their listing status ASAP.
AI Summary
BioTricity Inc. filed an 8-K on April 23, 2024, to report a notice of delisting or failure to satisfy continued listing rules. The company, formerly known as Metasolutions, Inc., is incorporated in Nevada and headquartered in Redwood City, California.
Why It Matters
This filing indicates potential issues with BioTricity Inc.'s continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's ability to remain publicly traded.
Key Numbers
- 001-40761 — SEC File Number (Identifies the company's filing history with the SEC.)
Key Players & Entities
- BIOTRICITY INC. (company) — Registrant
- METASOLUTIONS, INC. (company) — Former company name
- April 23, 2024 (date) — Filing date and earliest event date
- Nevada (jurisdiction) — State of incorporation
- Redwood City, California (location) — Principal executive offices
FAQ
What specific listing rule or standard has BioTricity Inc. failed to satisfy?
The filing does not specify the exact rule or standard that BioTricity 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 exact date of the earliest event reported in this 8-K?
The earliest event reported in this 8-K is April 23, 2024.
What was BioTricity Inc.'s former company name?
BioTricity Inc.'s former company name was METASOLUTIONS, INC.
In which state is BioTricity Inc. incorporated?
BioTricity Inc. is incorporated in Nevada.
What is the principal executive office address for BioTricity Inc.?
The principal executive office address for BioTricity Inc. is 203 Redwood Shores Parkway, Suite 600, Redwood City, California 94065.
Filing Stats: 719 words · 3 min read · ~2 pages · Grade level 13.9 · Accepted 2024-04-23 17:16:23
Key Financial Figures
- $0.001 B — ch registered Common Stock, Par Value $0.001 BTCY Nasdaq Capital Market Indicate
- $35 million — isted Securities ("MVLS") was below the $35 million minimum requirement for continued inclu
- $35 million — ompany's MVLS did not close at or above $35 million for a minimum of 10 consecutive busines
Filing Documents
- form8-k.htm (8-K) — 39KB
- 0001493152-24-015713.txt ( ) — 209KB
- btcy-20240423.xsd (EX-101.SCH) — 3KB
- btcy-20240423_lab.xml (EX-101.LAB) — 33KB
- btcy-20240423_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 4KB
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. As previously disclosed, on August 1, 2023, Biotricity Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying the Company that, for the preceding 30 consecutive business days, the Company's Market Value of Listed Securities ("MVLS") was below the $35 million minimum requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement"). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq granted the Company 180 calendar days, or until January 29, 2024 (the "Compliance Date"), t o regain compliance with the MVLS Requirement . As also previously disclosed, on January 30, 2024, the Company received a delisting determination letter (the "Letter") from the Staff advising the Company that the Staff had determined that the Company did not regain compliance with the MVLS Requirement by the Compliance Date because the Company's MVLS did not close at or above $35 million for a minimum of 10 consecutive business days prior to the Compliance Date. The Company submitted a hearing request to the Nasdaq Hearings Panel (the "Panel") to appeal the Staff's delisting determination, which stayed the suspension of the Company's securities and the filing of a Form 25-NSE pending the Panel's decision. A hearing was held on April 9, 2024, at which time the Company presented a plan to regain compliance with the MVLS Requirement. On April 23, 2024, Nasdaq notified the Company that the Panel granted its request to continue its listing on Nasdaq, subject to the Company meeting certain milestones including an increase in its outstanding shares of common stock through the issuance of shares of stock in certain stock offerings and upon the conversion of certain convertible securities, the receipt of shareholder ap
01 Other Events
Item 8.01 Other Events. The disclosure included in Item 3.01 of this Current Report on Form 8-K is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 104 Cover Page Interactive Data File (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 thereunto duly authorized. Date: April 23, 2024 BIOTRICITY INC. By: /s/ Waqaas Al-Siddiq Waqaas Al-Siddiq Chief Executive Officer