GRI BIO Faces Delisting Concerns
Ticker: GRI · Form: 8-K · Filed: May 22, 2024 · CIK: 1824293
| Field | Detail |
|---|---|
| Company | Gri Bio, INC. (GRI) |
| Form Type | 8-K |
| Filed Date | May 22, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $2.5 million |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, pharmaceuticals
TL;DR
GRI BIO might get kicked off the exchange, big trouble for stock.
AI Summary
GRI BIO, Inc. (formerly Vallon Pharmaceuticals, Inc.) filed an 8-K on May 22, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The company, incorporated in Delaware, is based in La Jolla, CA, and operates in the pharmaceutical preparations sector.
Why It Matters
This filing indicates potential issues with GRI BIO's continued listing on an exchange, which could impact its stock trading 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 Numbers
- 001-40034 — SEC File Number (Identifies the company's filing with the SEC.)
- 82-4369909 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- GRI BIO, Inc. (company) — Registrant
- Vallon Pharmaceuticals, Inc. (company) — Former company name
- May 21, 2024 (date) — Date of earliest event reported
- May 22, 2024 (date) — Date of report
- 2223 Avenida de la Playa, #208 La Jolla, CA 92037 (address) — Principal executive offices
FAQ
What specific listing rule or standard has GRI BIO, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that GRI BIO, Inc. has failed to satisfy, only that it is a notice of delisting or failure to satisfy a continued listing rule or standard.
When was GRI BIO, Inc. formerly known as Vallon Pharmaceuticals, Inc.?
The date of the name change from Vallon Pharmaceuticals, Inc. to GRI BIO, Inc. was September 10, 2020.
What is the primary business of GRI BIO, Inc. according to the filing?
GRI BIO, Inc. is classified under Standard Industrial Classification: PHARMACEUTICAL PREPARATIONS [2834].
Where are GRI BIO, Inc.'s principal executive offices located?
GRI BIO, Inc.'s principal executive offices are located at 2223 Avenida de la Playa, #208, La Jolla, CA 92037.
What is the significance of the filing date and the date of the earliest event reported?
The filing date is May 22, 2024, and the date of the earliest event reported is May 21, 2024, indicating the delisting concern arose on or before May 21, 2024.
Filing Stats: 696 words · 3 min read · ~2 pages · Grade level 15.4 · Accepted 2024-05-22 16:45:29
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share GRI The Nasdaq Capital Mark
- $2.5 million — ny that, despite reporting in excess of $2.5 million in stockholders' equity in its Quarterl
Filing Documents
- val-20240521.htm (8-K) — 23KB
- val-20240521_g1.jpg (GRAPHIC) — 16KB
- val-20240521_g2.jpg (GRAPHIC) — 2KB
- 0001824293-24-000055.txt ( ) — 177KB
- val-20240521.xsd (EX-101.SCH) — 2KB
- val-20240521_lab.xml (EX-101.LAB) — 23KB
- val-20240521_pre.xml (EX-101.PRE) — 13KB
- val-20240521_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. As previously reported in a Current Report on Form 8-K filed November 24, 2023, on November 22, 2023, GRI Bio, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the Company did not comply with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b) (the "Stockholders' Equity Requirement") based on the information provided in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. The Company was provided an initial period of 180 calendar days, or until May 20, 2024, to regain compliance with the Stockholders' Equity Requirement. On May 21, 2024, the Company received a staff determination letter (the "Determination Letter") from the Staff notifying the Company that, despite reporting in excess of $2.5 million in stockholders' equity in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, it had not regained compliance with the Stockholders' Equity Requirement by May 20, 2024 when taking into account the Company's historical burn rate. Accordingly, and as described in the Determination Letter, unless the Company timely requests an appeal of the determination by May 28, 2024, the Company's securities will be subject to suspension/delisting. The Company intends to timely request an appeal of the determination to a Hearings Panel (the "Panel"). The appeal will automatically stay any suspension or delisting action pending the hearing before the Panel, and the Company's common stock will remain listed on The Nasdaq Capital Market pending the outcome of the hearing before the Panel. Pursuant to Nasdaq Listing Rules, the Panel has the authority to grant an additional extension not to exceed 180 days from the Staf
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. Date: May 22, 2024 GRI BIO, INC. By: /s/ Leanne Kelly Name: Leanne Kelly Title Chief Financial Officer