Spectral AI Faces Delisting Concerns
Ticker: MDAIW · Form: 8-K · Filed: Dec 11, 2024 · CIK: 1833498
| Field | Detail |
|---|---|
| Company | Spectral Ai, Inc. (MDAIW) |
| Form Type | 8-K |
| Filed Date | Dec 11, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $11.50, $35,000,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
Spectral AI might get delisted, check the rules.
AI Summary
Spectral AI, Inc. filed an 8-K on December 11, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, with the earliest event reported on December 5, 2024. The company, formerly known as Rosecliff Acquisition Corp I, is incorporated in Delaware and headquartered in Dallas, Texas.
Why It Matters
This filing indicates potential issues with Spectral AI's continued listing on an exchange, 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 stock trading and overall financial stability.
Key Numbers
- 001-40058 — SEC File Number (Identifies the company's filing with the SEC)
- 85-3987148 — IRS Employer Identification No. (Tax identification number for the company)
Key Players & Entities
- Spectral AI, Inc. (company) — Registrant
- Rosecliff Acquisition Corp I (company) — Former company name
- December 5, 2024 (date) — Earliest event date
- December 11, 2024 (date) — Report date
- Dallas, Texas (location) — Business address
FAQ
What specific listing rule or standard has Spectral AI, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Spectral AI, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the earliest date of the event reported in this 8-K filing?
The earliest date of the event reported is December 5, 2024.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on December 11, 2024.
What was Spectral AI, Inc.'s former name?
Spectral AI, Inc.'s former name was Rosecliff Acquisition Corp I.
Where is Spectral AI, Inc. headquartered?
Spectral AI, Inc. is headquartered at 2515 McKinney Ave #1000, Dallas, TX 75201.
Filing Stats: 756 words · 3 min read · ~3 pages · Grade level 12.4 · Accepted 2024-12-11 16:00:26
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share MDAI The Nasdaq Stock Mar
- $11.50 — f Common Stock, at an exercise price of $11.50 per share MDAIW The Nasdaq Stock Ma
- $35,000,000 — um market value of listed securities of $35,000,000 for continued listing on The Nasdaq Cap
Filing Documents
- ea0224354-8k_spectral.htm (8-K) — 30KB
- 0001213900-24-107873.txt ( ) — 247KB
- mdai-20241205.xsd (EX-101.SCH) — 4KB
- mdai-20241205_def.xml (EX-101.DEF) — 26KB
- mdai-20241205_lab.xml (EX-101.LAB) — 36KB
- mdai-20241205_pre.xml (EX-101.PRE) — 25KB
- ea0224354-8k_spectral_htm.xml (XML) — 6KB
01 Notice of Delisting or Failure
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on June 3, 2024, Spectral AI, Inc. (the "Company") received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, based upon the closing bid price of the Company's common stock, par value $0.0001 per share ("Common Stock"), for the previous 30 consecutive business days, the Company was not in compliance with the requirement to maintain a minimum market value of listed securities of $35,000,000 for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2) (the "Market Value Rule"). In accordance with the Nasdaq Listing Rules, the Company was afforded 180 calendar days, or until December 2, 2024, to regain compliance with the Market Value Rule, during which time it would be required to maintain the closing market capitalization of the Company's Common Stock at or above $35,000,000 for a minimum of 10 consecutive business days. The Company was unable to regain compliance with the Market Value Rule by December 2, 2024. Accordingly, on December 5, 2024, the Company received a letter from Nasdaq notifying it that the Company's Common Stock would be subject to delisting from the Nasdaq Stock Market unless the Company timely requested a hearing before the Nasdaq Listing Qualifications Panel (the "Panel"). Based on the foregoing, the Company has requested a hearing before the Panel, at which it will present its plan of compliance and request an extension of time. The Panel has the discretion to grant the Company up to 180 calendar days from December 2, 2024, to regain compliance. This request will automatically stay any delisting or suspension action pending the issuance of a final decision by the Panel and the expiration of any further extension by the Panel. There can be no assurance that the Panel will ultimately grant an extension of the complia
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. Dated: December 11, 2024 SPECTRAL AI, INC. By: /s/ J. Michael DiMaio Name: Dr. J. Michael DiMaio Title: Chairman 2