InfuSystem Faces NYSE Delisting Warning
Ticker: INFU · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1337013
| Field | Detail |
|---|---|
| Company | Infusystem Holdings, INC (INFU) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | high |
| Pages | 4 |
| Reading Time | 5 min |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, nyse
Related Tickers: INFU
TL;DR
NYSE warning InfuSystem might get delisted, need to fix things in 18 months.
AI Summary
InfuSystem Holdings, Inc. announced on April 2, 2024, that it received a notice from the NYSE American indicating that the company is not in compliance with certain continued listing standards. The company has 18 months to regain compliance, with a potential extension to 36 months if it meets specific criteria. Failure to comply could lead to the delisting of its common stock.
Why It Matters
This filing signals potential financial distress or operational challenges for InfuSystem, which could impact its stock value and investor confidence.
Risk Assessment
Risk Level: high — Receiving a delisting notice from a major stock exchange indicates significant non-compliance with listing requirements, posing a substantial risk to the company's public trading status.
Key Numbers
- 18 months — Compliance Period (Timeframe to regain compliance with NYSE listing standards.)
- 36 months — Potential Extension (Extended compliance period if specific criteria are met.)
Key Players & Entities
- InfuSystem Holdings, Inc. (company) — Registrant
- NYSE American (company) — Stock Exchange issuing notice
- April 2, 2024 (date) — Date of earliest event reported
FAQ
What specific continued listing standards has InfuSystem Holdings, Inc. failed to meet?
The filing states that InfuSystem received a notice from the NYSE American indicating non-compliance with certain continued listing standards, but it does not specify which particular standards were violated.
What is the initial timeframe given to InfuSystem to regain compliance?
InfuSystem has an initial period of 18 months from the date of the notice to regain compliance with the NYSE American's continued listing standards.
Under what conditions could InfuSystem receive an extension for regaining compliance?
The company may be granted an extension of up to 36 months if it meets certain criteria, as outlined by the NYSE American.
What is the consequence if InfuSystem fails to regain compliance?
If InfuSystem fails to regain compliance with the applicable continued listing standards within the specified timeframe, its common stock may be delisted from the NYSE American.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on April 2, 2024.
Filing Stats: 1,296 words · 5 min read · ~4 pages · Grade level 15.5 · Accepted 2024-04-03 06:31:44
Filing Documents
- infu-20240402.htm (8-K) — 35KB
- exhibit99104-03x2024delinq.htm (EX-99.1) — 15KB
- infusystem_safesmarttruste.jpg (GRAPHIC) — 760KB
- 0001628280-24-014470.txt ( ) — 1216KB
- infu-20240402.xsd (EX-101.SCH) — 2KB
- infu-20240402_lab.xml (EX-101.LAB) — 21KB
- infu-20240402_pre.xml (EX-101.PRE) — 12KB
- infu-20240402_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 On April 2, 2024 , InfuSystem Holdings, Inc. (the "Company") received notice from the NYSE Regulation (the "Notice") stating that the Company is not in compliance with the continued listing standards of the NYSE American LLC (the "Exchange") under the timely filing criteria included in Section 1007 of the NYSE American Company Guide (the "Company Guide") because the Company failed to timely file its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Delinquent Report"), which was due to be filed with the Securities and Exchange Commission (the "SEC") no later than April 1, 2024 (the "Filing Delinquency"). The Company has been unable to file the Delinquent Report because, as previously disclosed in the Notification of Late Filing on Form 12b-25 filed by the Company with the SEC on March 14, 2024, the Company requires additional time to complete its procedures to evaluate potential errors related to (i) the classification of certain expenses included in general and administrative costs that should have been included in cost of sales, and (ii) the adoption and ongoing application of Accounting Standards Update No. 2016-02, Leases (Topic 842), referred to as ASC 842. In accordance with Section 1007 of the Company Guide, the Company will have six months from the date of the Filing Delinquency (the "Initial Cure Period"), to file the Delinquent Report with the SEC. The Exchange will monitor the Company and the status of the Delinquent Report and any subsequent delayed filings, including through contact with the Company, until the Filing Delinquency is cured. If the Company fails to file the Delinquent Report during the Initial Cure Period, the Exchange may, in its sole discretion, grant an up to six-month additional cure period (the "Additional Cure Period"). The Company can regain compliance with the Exchange's continued listing standar
01 - Regulation FD Disclosure
Item 7.01 - Regulation FD Disclosure On April 3, 2024, the Company issued a press release regarding the foregoing. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K. The information furnished in this Item 7.01 — "Regulation FD Disclosure" of this Current Report on Form 8-K and the press release attached hereto as Exhibit 99.1 shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. Cautionary Statement Regarding Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements." Any statements contained in this Current Report on Form 8-K that do not describe historical facts may constitute forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "if," "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology and include statements regarding the Filing Delinquency and whether the Company will regain compliance with the Exchange's continued listing standards. These forward-looking statements are based on information currently available to the Company's management as well as estimates and assumptions made by its management and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause the Company's or its industry's actual results, levels of activity or performance to be materially different from any fu
01 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press Release dated April 3 , 2024 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 report to be signed on its behalf by the undersigned hereunto duly authorized. INFUSYSTEM HOLDINGS, INC. By: /s/ Scott Shuda Scott Shuda Chairman of the Board Dated: April 3, 2024