Revelation Biosciences Faces Delisting Concerns

TL;DR

REVB might get delisted - stock exchange listing rules are a problem.

AI Summary

Revelation Biosciences, Inc. filed an 8-K on August 19, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of August 14, 2024. The company, previously known as Petra Acquisition Inc., is incorporated in Delaware and operates in the pharmaceutical preparations sector.

Why It Matters

This filing indicates potential issues with Revelation Biosciences' compliance with stock exchange listing requirements, 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 continued trading on an exchange.

Key Players & Entities

• REVELATION BIOSCIENCES, INC. (company) — Registrant
• Petra Acquisition Inc. (company) — Former Company Name
• August 14, 2024 (date) — Earliest event reported
• August 19, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation

FAQ

Key Financial Figures

• $0.001 — ch registered Common stock, par value $0.001 per share REVB The Nasdaq Stock Mar
• $12,075.00 — of common stock at an exercise price of $12,075.00 per share REVBW The Nasdaq Stock Ma
• $2,500,000 — es the Company to maintain a minimum of $2,500,000 in stockholders' equity for continued l
• $35 million — value of listed securities of at least $35 million or net income of $500,000 from continui
• $500,000 — f at least $35 million or net income of $500,000 from continuing operations in the most
• $1,140,421 — , reporting the stockholders' equity of $1,140,421. Pursuant to the Nasdaq Letter, the C

Filing Documents

• revb-20240814.htm (8-K) — 44KB
• 0000950170-24-098505.txt ( ) — 197KB
• revb-20240814.xsd (EX-101.SCH) — 48KB
• revb-20240814_htm.xml (XML) — 7KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On August 14, 2024, Revelation Biosciences, Inc. (the "Company") received a letter (the "Nasdaq Letter") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2,500,000 in stockholders' equity for continued listing on The Nasdaq Capital Market (the "Stockholders' Equity Requirement"), nor is it in compliance with either of the alternative listing standards, market value of listed securities of at least $35 million or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years. The Company's failure to comply with the Stockholders' Equity Requirement was based on the Company's filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, reporting the stockholders' equity of $1,140,421. Pursuant to the Nasdaq Letter, the Company has 45 calendar days from the date of the Nasdaq Letter to submit a plan to regain compliance and the Company intends to submit such a plan during this period. If the Nasdaq staff accepts the plan, Nasdaq can grant an extension of up to 180 calendar days from the date of the Nasdaq Letter to evidence compliance. In the event the plan is not accepted by the Nasdaq staff, or in the event the plan is accepted, and the 180-day extension period granted but the Company fails to regain compliance within such plan period, the Company would have the right to a hearing before an independent panel. The hearing request would stay any suspension or delisting action pending the conclusion of the hearing process and the expiration of any additional extension period granted by the panel following the hearing. The Company intends to take all reasonable measures avai

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File (embedded with 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 thereunto duly authorized. REVELATION BIOSCIENCES, INC. Date: August 19, 2024 By: /s/ Chester S. Zygmont, III Chester S. Zygmont, III Chief Financial Officer (principal financial and accounting officer)

View Full Filing

View this 8-K filing on SEC EDGAR