OneMedNet Corp. Files 8-K on Delisting Concerns
Ticker: ONMDW · Form: 8-K · Filed: Nov 27, 2024 · CIK: 1849380
Sentiment: bearish
Topics: delisting, listing-standards, financials
Related Tickers: ONMD
TL;DR
OneMedNet might be delisted - 8-K filed.
AI Summary
OneMedNet Corp. filed an 8-K on November 27, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, and also filed financial statements and exhibits. The company, formerly known as Data Knights Acquisition Corp., is incorporated in Delaware and its fiscal year ends on December 31.
Why It Matters
This filing indicates potential issues with OneMedNet Corp.'s continued listing on an exchange, which could impact its stock price and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that can lead to severe stock price declines and reduced liquidity.
Key Players & Entities
- OneMedNet Corp. (company) — Registrant
- Data Knights Acquisition Corp. (company) — Former company name
- November 21, 2024 (date) — Earliest event reported date
- November 27, 2024 (date) — Filing date
- Delaware (jurisdiction) — State of incorporation
FAQ
What specific rule or standard has OneMedNet Corp. failed to satisfy, leading to the notice of delisting?
The filing does not specify the exact rule or standard that OneMedNet Corp. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on November 21, 2024.
What is the ticker symbol for OneMedNet Corp. common stock?
The filing mentions 'ONMD:CommonStock0.0001ParValuePerShareMember', indicating ONMD is likely the ticker symbol for OneMedNet Corp. common stock.
What was OneMedNet Corp.'s former name?
OneMedNet Corp.'s former name was Data Knights Acquisition Corp.
What is the exercise price for OneMedNet Corp.'s redeemable warrants?
The filing mentions 'ONMD:RedeemableWarrantsEachExercisableForOneShareOfCommonStockAtExercisePriceOf11.50PerShareMember', indicating an exercise price of $11.50 per share for their redeemable warrants.
Filing Stats: 819 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-11-27 16:15:31
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
Filing Documents
- form8-k.htm (8-K) — 45KB
- ex99-1.htm (EX-99.1) — 14KB
- 0001493152-24-048001.txt ( ) — 286KB
- onmd-20241121.xsd (EX-101.SCH) — 4KB
- onmd-20241121_def.xml (EX-101.DEF) — 29KB
- onmd-20241121_lab.xml (EX-101.LAB) — 36KB
- onmd-20241121_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): November 21, 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 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, $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 November 21, 2024, OneMedNet Corporation (the "Company") received an expected delinquency notification letter (the "Notice") from the Listing Qualifications Department staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), which indicated that, as a result of the Company's delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 (the "New Delinquent Filing") by the applicable due date, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule"), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the "SEC"). Previously, the Staff granted the Company an exception until December 11, 2024 to file its delinquent Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024 (collectively with the New Delinquent Filing, the "Delinquent Filings"). As a result, any additional Staff exception to allow the Company to regain compliance with all delinquent filings, including the New Delinquent Filing, will be required to be filed by December 11, 2024. In accordance with Nasdaq's listing rules, the Company has until December 6, 2024 to submit to the Staff an update to the Company's original plan to regain compliance with the Rule (the "Updated Plan"). Neither the Notice nor the Company's noncompliance with the Rule has an immediate effect on the listing or trading of the Company's securities on Nasdaq, which will continue to trade on The Nasdaq Capital Market under the symbols "ONMD" and "ONMDW." The Company continues to work diligently to complete the Delinquent Filings and plans to file the same as promptly as possible to regain compliance with the Rule. The Company currently expects to prepare and file the Delinquent Filings on or before December 11, 2024, although there can be no guarantee that the Delinquent Filings are filed within the required timeframe. Additionally, the Company intends to submit the Updated Plan on or before December 6, 2024. There can be no assurance that the Updated Plan will be accepted by the Staff or that the Company will be able to regain compliance with the minimum requirements of the Nasdaq listing rules. As required under Nasdaq Listing Rule 5810(b), the Company issued a press release on November 27, 2024, announcing that it had received the Notice, its plan for compliance and other matters. A copy of this press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. Item 9.01. Financial (d) Exhibits. Exhibit No. Description 99.1 Press Release dated November 27, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL docum