Renovaro Inc. Faces Delisting Concerns

TL;DR

Renovaro Inc. might be delisted - big trouble ahead.

AI Summary

Renovaro Inc. filed an 8-K on October 16, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, and a transfer of listing. The filing date for the report is October 11, 2024. The company was formerly known as Enochian Biosciences Inc. and Renovaro Biosciences Inc.

Why It Matters

This filing indicates potential issues with Renovaro Inc.'s continued listing on an exchange, which could significantly 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 operations and stock value.

Key Players & Entities

• RENOVARO INC. (company) — Registrant
• Enochian Biosciences Inc. (company) — Former Company Name
• Renovaro Biosciences Inc. (company) — Former Company Name
• October 11, 2024 (date) — Date of earliest event reported
• October 16, 2024 (date) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — ch Registered Common Stock, par value $0.0001 per share RENB The Nasdaq Stock Mar
• $300 million — es, Mr. Weinstein directly sourced over $300 million in investments for small-cap biotech an
• $400,000 — hat Mr. Weinstein's base salary will be $400,000 per year, and he will be eligible to re
• $150,000 — to receive a performance bonus of up to $150,000 per year, which will be payable on or b
• $2,000,000 — ted stock. Upon the receipt of at least $2,000,000 in new financing, the Company shall pay
• $25,000 b — , the Company shall pay Mr. Weinstein a $25,000 bonus. The Employment Agreement also prov

Filing Documents

• e6034_8-k.htm (8-K) — 43KB
• e6034_ex17-1.htm (EX-17.1) — 6KB
• e6034_ex17-2.htm (EX-17.2) — 8KB
• 0001731122-24-001606.txt ( ) — 238KB
• renb-20241011.xsd (EX-101.SCH) — 3KB
• renb-20241011_lab.xml (EX-101.LAB) — 33KB
• renb-20241011_pre.xml (EX-101.PRE) — 24KB
• e6034_8-k_htm.xml (XML) — 4KB

01 Departure of Directors or Certain Officers; Election

Item 3.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of New Chief Executive Officer and Director On October 14, 2024, the board of directors (the " Board ") of Renovaro Inc. (the " Company ") appointed David Weinstein, age 64, as Chief Executive Officer of the Company and a member of the Board, effective immediately. Immediately prior to joining the Company, Mr. Weinstein was a Managing Partner, Investment Banking at Dawson James Securities, Inc. where he has worked since 2005. While at Dawson James, Mr. Weinstein directly sourced over $300 million in investments for small-cap biotech and healthcare companies. He also spearheaded the merger of two healthcare companies in personalized cancer diagnostics and assisted in its uplisting on Nasdaq. Mr. Weinstein received his Bachelor of Arts in Liberal Arts from St. John's College and a Masters in Public Management from the University of Maryland. In connection with his appointment, the Company entered into an employment agreement (the " Employment Agreement ") which provides that Mr. Weinstein's base salary will be $400,000 per year, and he will be eligible to receive a performance bonus of up to $150,000 per year, which will be payable on or before March 15 th of each calendar year. For calendar year 2024, Mr. Weinstein will be eligible for a pro rated performance bonus. The Employment Agreement also provides that Mr. Weinstein will receive a sign on bonus upon the effective date of the Employment Agreement of 250,000 shares of restricted stock. Upon the receipt of at least $2,000,000 in new financing, the Company shall pay Mr. Weinstein a $25,000 bonus. The Employment Agreement also provides for a sign-on equity grant of 1,600,000 stock options, which will vest 200,000 options per quarter for eight quarters, beginning on January 1, 2025. Additionally, Mr. Weinstein will be eligible to receive a discr

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Description 17.1 Letter of James Sapirstein, dated October 12, 2024. 17.2 Joint Letter of Gregg Alton, Jayne McNicol and Carol Brosgart, dated October 13, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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. RENOVARO INC. By: /s/ Simon Tarsh Name: Simon Tarsh Title: Interim Chief Financial Officer Date: October 16, 2024

View Full Filing

View this 8-K filing on SEC EDGAR