OneMedNet Corp. Faces Delisting Notice

TL;DR

ONMD got a delisting warning, stock might get booted.

AI Summary

OneMedNet Corp. received a notice on October 8, 2024, indicating a failure to meet continued listing standards for its common stock. The company, formerly known as Data Knights Acquisition Corp., was incorporated in Delaware and is involved in commercial physical & biological research.

Why It Matters

This filing signals potential delisting from an exchange, which could significantly impact the liquidity and valuation of OneMedNet Corp.'s stock.

Risk Assessment

Risk Level: high — A notice of failure to meet continued listing standards directly threatens the company's ability to remain listed on an exchange, posing a significant risk to investors.

Key Numbers

• 001-40386 — SEC File Number (Identifies the company's filings with the SEC.)

Key Players & Entities

• OneMedNet Corp. (company) — Registrant
• Data Knights Acquisition Corp. (company) — Former company name
• October 8, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 001-40386 (identifier) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share ONMD The Nasdaq
• $11.50 — of Common Stock at an exercise price of $11.50 per share ONMDW The Nasdaq Stock Ma
• $35 million — ities ("MVLS") was below the minimum of $35 million required for continued listing on The N
• $2.5 m — ntain a minimum stockholders' equity of $2.5 million, and Nasdaq Listing Rule 5550(b)(
• $500,000 — sted companies to maintain a minimum of $500,000 of net income from continuing operation

Filing Documents

• form8-k.htm (8-K) — 40KB
• 0001493152-24-041125.txt ( ) — 262KB
• onmd-20241001.xsd (EX-101.SCH) — 4KB
• onmd-20241001_def.xml (EX-101.DEF) — 29KB
• onmd-20241001_lab.xml (EX-101.LAB) — 36KB
• onmd-20241001_pre.xml (EX-101.PRE) — 27KB
• form8-k_htm.xml (XML) — 6KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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): October 8, 2024 ONEMEDNET CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-40386 86-2076743 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 6385 Old Shady Oak Road , Suite 250 Eden Prairie , MN 55344 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: 800 - 918-7189 Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communication 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-commencements 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, $0.0001 par value per share ONMD The Nasdaq Stock Market LLC Redeemable Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share ONMDW The Nasdaq Stock Market LLC 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 October 8, 2024, OneMedNet Corporation (the "Company") received a letter (the "Letter") from the staff at The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the 30 consecutive business days prior to the date of the Letter, the Company's Market Value of Listed Securities ("MVLS") was below the minimum of $35 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). The staff at Nasdaq also noted in the Letter that the Company is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain a minimum stockholders' equity of $2.5 million, and Nasdaq Listing Rule 5550(b)(3), which requires listed companies to maintain a minimum of $500,000 of net income from continuing operations. The letter is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on Nasdaq. In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company has 180 calendar days, or until April 7, 2025 (the "Compliance Period"), to regain compliance. The letter notes that to regain compliance, the Company's MVLS must close at or above $35 million for a minimum of ten consecutive business days during the Compliance Period. If the Company does not regain compliance by the end of the Compliance Period, Nasdaq staff will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel. The Company intends to actively monitor the Company's MVLS between now and April 7, 2025, and may, if appropriate, evaluate available options to resolve the deficiency and regain compliance with the MVLS requirement. While the Company is exercising diligent efforts to maintain the listing of its securities on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with Nasdaq listing standards. 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. Dated: October 15, 2024 ONEMEDNET CORPORATION By: /s/ Aaron Green Aaron Green Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR