Virios Therapeutics Faces Delisting Notice
Ticker: DWTX · Form: 8-K · Filed: Jun 12, 2024 · CIK: 1818844
| Field | Detail |
|---|---|
| Company | Virios Therapeutics, INC. (DWTX) |
| Form Type | 8-K |
| Filed Date | Jun 12, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $1.00 m, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, regulatory
TL;DR
Virios got a notice about possibly getting delisted. Big trouble.
AI Summary
Virios Therapeutics, Inc. filed an 8-K on June 12, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is based in Alpharetta, GA, and its principal executive offices are located at 44 Milton Avenue.
Why It Matters
This filing indicates potential issues with Virios Therapeutics' compliance with stock exchange listing requirements, 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 continued operation as a publicly traded entity.
Key Players & Entities
- Virios Therapeutics, Inc. (company) — Registrant
- June 11, 2024 (date) — Earliest event reported
- June 12, 2024 (date) — Date of report
- 44 Milton Avenue (address) — Principal Executive Offices
- Alpharetta, GA (location) — Principal Executive Offices location
FAQ
What is the specific reason for Virios Therapeutics' potential delisting?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify the exact rule violated.
When was this notice of delisting filed?
The 8-K filing was made on June 12, 2024, reporting an event on June 11, 2024.
What is the company's principal executive office address?
The company's principal executive offices are located at 44 Milton Avenue, Alpharetta, GA 30009.
What is the Commission File Number for Virios Therapeutics, Inc.?
The Commission File Number for Virios Therapeutics, Inc. is 001-39811.
Has Virios Therapeutics, Inc. changed its name or former address recently?
The filing indicates a former name of 'Virios Therapeutics, LLC' with a date of name change on July 21, 2020, but does not mention a recent address change.
Filing Stats: 959 words · 4 min read · ~3 pages · Grade level 14.1 · Accepted 2024-06-12 09:15:20
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 VIRI Nasdaq Capital Market Check t
- $1.00 m — 2024 to regain compliance with Nasdaq's $1.00 minimum bid price requirement for continu
- $1.00 — mmon stock had closed below the minimum $1.00 per share requirement for continued lis
Filing Documents
- viri-20240611x8k.htm (8-K) — 42KB
- 0001558370-24-009066.txt ( ) — 160KB
- viri-20240611.xsd (EX-101.SCH) — 3KB
- viri-20240611_lab.xml (EX-101.LAB) — 16KB
- viri-20240611_pre.xml (EX-101.PRE) — 10KB
- viri-20240611x8k_htm.xml (XML) — 5KB
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 June 11, 2024, Virios Therapeutics, Inc. (the "Company") received notice from the Nasdaq Stock Market LLC ("Nasdaq") that a Nasdaq Hearing Panel had granted the Company an exception until October 28, 2024 to regain compliance with Nasdaq's $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market (the "Minimum Bid Price Requirement"). The exemption was granted following the Nasdaq Hearing Panel's review of a questionnaire (the "Expedited Review Questionnaire") submitted by the Company to Nasdaq on May 8, 2024. The Company prioritizes regaining compliance with the Minimum Bid Price Requirement through other measures before resorting to a reverse stock split. However, in the event the Company fails to achieve compliance with the Minimum Bid Price Requirement by October 11, 2024, it will be required to undertake a reverse stock split to regain compliance by the October 28, 2024 deadline. In the event the Company fails to regain compliance with the Minimum Bid Price Requirement by October 28, 2024, its securities will be delisted. As previously disclosed, on November 7, 2023, the Company received a letter from Nasdaq indicating that, for the last thirty consecutive business days, the bid price for its common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market. The Company was provided an initial period of 180 calendar days, or until April 30, 2024, to regain compliance. On May 1, 2024, the Company received notice from Nasdaq informing the Company that since its shares had failed to satisfy the $1.00 minimum bid price required within the initial 180-day compliance period, the Company's common stock was subject to delisting unless the Company requested a hearing before the Nasdaq Hearing Panel. On May 6, 2024, the Company requested a hearing to appeal the delisting de
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. VIRIOS THERAPEUTICS, INC. By: /s/ Angela Walsh Name: Angela Walsh Title: Senior Vice President of Finance, Corporate Secretary and Treasurer June 12, 2024 3