ClearSign Technologies Corp Files 8-K
Ticker: CLIR · Form: 8-K · Filed: May 3, 2024 · CIK: 1434524
Sentiment: bearish
Topics: listing-rule-violation, delisting-notice, regulatory-filing
TL;DR
ClearSign 8-K filed: Potential listing rule issues, other events, and financials.
AI Summary
ClearSign Technologies Corporation filed an 8-K on May 2, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard, and also to report other events and financial statements. The company, incorporated in Delaware, is headquartered in Tulsa, Oklahoma.
Why It Matters
This filing indicates potential issues with ClearSign Technologies Corp's continued listing on an exchange, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: medium — The filing mentions a notice of delisting or failure to satisfy a continued listing rule, which poses a significant risk to the company's stock trading status.
Key Players & Entities
- ClearSign Technologies Corporation (company) — Registrant
- May 2, 2024 (date) — Date of earliest event reported
- Tulsa, Oklahoma (location) — Principal Executive Offices
- Delaware (location) — State of incorporation
FAQ
What specific listing rule or standard has ClearSign Technologies Corp failed to satisfy?
The filing does not specify the exact listing rule or standard that ClearSign Technologies Corp has failed to satisfy, only that a notice has been issued.
What are the implications of this notice for ClearSign Technologies Corp's stock trading?
A notice of delisting or failure to satisfy a continued listing rule could lead to the suspension or delisting of the company's stock from its current exchange.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on May 2, 2024.
What other items are included in this 8-K filing besides the notice of delisting?
In addition to the notice of delisting, the filing also reports on other events and includes financial statements and exhibits.
Where is ClearSign Technologies Corp's principal executive office located?
ClearSign Technologies Corp's principal executive office is located at 8023 E. 63rd Place, Suite 101, Tulsa, Oklahoma 74133.
Filing Stats: 802 words · 3 min read · ~3 pages · Grade level 13.2 · Accepted 2024-05-03 17:25:24
Key Financial Figures
- $1 — ment to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listi
Filing Documents
- tm2413489d1_8k.htm (8-K) — 29KB
- 0001104659-24-057077.txt ( ) — 198KB
- clir-20240502.xsd (EX-101.SCH) — 3KB
- clir-20240502_lab.xml (EX-101.LAB) — 33KB
- clir-20240502_pre.xml (EX-101.PRE) — 22KB
- tm2413489d1_8k_htm.xml (XML) — 4KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard: Transfer of Listing. On May 2, 2024, ClearSign Technologies Corporation (the "Company") received a letter (the "Notice") from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days beginning on March 20, 2024 and ending on May 1, 2024, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided a period of 180 calendar days, or until October 29, 2024, in which to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company's common stock must be at least $1 per share for a minimum of ten consecutive business days during this 180 day period. In the event that the Company does not regain compliance within this 180 day period, the Company may be eligible to seek an additional compliance period of 180 calendar days if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is not otherwise eligible, Nasdaq will provide notice to the Company that its common stock will be subject to delisting. The Notice does not result in the immediate delisting of the Company's common stock from Nasdaq. The Company intends to monitor the closing bid price of the Company's common stock and consider its available options
01
Item 8.01 Other Events. On May 3, 2024, the Company's Board of Directors (the "Board"), upon recommendation of the Board's Nominating and Corporate Governance Committee (the "Governance Committee"), appointed independent director David M. Maley as a member of the Governance Committee as well as the Human Capital & Compensation Committee of the Board, effective immediately.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: May 3, 2024 CLEARSIGN TECHNOLOGIES CORPORATION By: /s/ Colin James Deller Name: Colin James Deller Title: Chief Executive Officer