Kopin Corp Faces Delisting Notice, Shareholder Vote

Ticker: KOPN · Form: 8-K · Filed: Jun 11, 2024 · CIK: 771266

Sentiment: neutral

Topics: delisting, corporate-governance, shareholder-vote

TL;DR

KOPIN got a delisting warning and is calling a shareholder meeting - big trouble or big changes ahead?

AI Summary

Kopin Corporation filed an 8-K on June 11, 2024, reporting events as of June 5, 2024. The filing indicates a notice of delisting or failure to satisfy continued listing rules, potential amendments to articles of incorporation or bylaws, and submission of matters to a vote of security holders. Specific details regarding the reasons for delisting or the nature of the vote were not provided in this excerpt.

Why It Matters

This filing signals potential significant changes for Kopin Corporation, including the risk of being delisted from an exchange, which could impact its stock's liquidity and investor confidence.

Risk Assessment

Risk Level: high — The notice of delisting or failure to satisfy continued listing rules is a significant risk factor that could lead to the stock trading on a less liquid market or being removed from major exchanges.

Key Players & Entities

FAQ

What specific rule or standard has Kopin Corporation failed to satisfy, leading to the notice of delisting?

The provided excerpt does not specify the exact rule or standard that Kopin Corporation has failed to satisfy.

What is the nature of the matters to be submitted to a vote of security holders?

The excerpt mentions that matters are being submitted to a vote of security holders, but does not detail what those specific matters are.

Are there any proposed amendments to Kopin Corporation's articles of incorporation or bylaws mentioned in this filing?

The filing indicates 'Amendments to Articles of Incorporation or Bylaws' as an item of information, but the details of any proposed amendments are not included in this excerpt.

What is the significance of the 'Transfer of Listing' mentioned in the filing?

The filing notes 'Transfer of Listing' as a type of event, but does not provide information on whether Kopin Corporation is actively seeking or undergoing a transfer of its listing.

What is the primary business of Kopin Corporation?

Kopin Corporation is identified under the Standard Industrial Classification code 3674, which corresponds to 'SEMICONDUCTORS & RELATED DEVICES'.

Filing Stats: 1,358 words · 5 min read · ~5 pages · Grade level 13.2 · Accepted 2024-06-11 16:47:48

Key Financial Figures

Filing Documents

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported) June 5, 2024 KOPIN CORPORATION (Exact Name of Registrant as Specified in Charter) Delaware 000-19882 04-2833935 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 125 North Drive , Westborough , MA 01581 (Address of Principal Executive Offices) (Zip Code) (508) 870-5959 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 KOPN Nasdaq Capital Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On June 5, 2024, Kopin Corporation (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 closing bid price for the Company's common stock was below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). The notification received has no immediate effect on the Company's Nasdaq listing. In accordance with Nasdaq rules, the Company has been provided an initial period of 180 calendar days, or until December 2, 2024 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Requirement. If, at any time before the Compliance Date, the closing bid price for the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, the Staff will provide the Company written confirmation of compliance with the Minimum Bid Price Requirement. If the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and will need to provide written notice of its intention to cure the deficiency during the second 180 calendar day compliance period, by effecting a reverse stock split, if necessary. If the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq Hearings Panel. There can be no assurance that the Company will regain compliance or otherwise maintain compliance with any of the other listing requirements. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement. Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year On June 6, 2024, the Company held its 2024 Annual Meeting of Shareholders (the "Annual Meeting"). At the Annual Meeting, the Company's shareholders approved an amendment to the Company's Amended and Restated Certificate of Incorporation (the "Charter") to increase the number of authorized shares of the Company's common stock, par value $0.01 per share, from 150,0

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