Rimini Street Faces Delisting Notice
Ticker: RMNI · Form: 8-K · Filed: Sep 6, 2024 · CIK: 1635282
| Field | Detail |
|---|---|
| Company | Rimini Street, Inc. (RMNI) |
| Form Type | 8-K |
| Filed Date | Sep 6, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, corporate-actions
TL;DR
Rimini Street got a delisting notice, might be trouble.
AI Summary
Rimini Street, Inc. filed an 8-K on September 6, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company was formerly known as GP Investments Acquisition Corp. and changed its name on February 27, 2015. The filing also includes financial statements and exhibits.
Why It Matters
This filing indicates potential issues with Rimini Street'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 trading status and market perception.
Key Players & Entities
- Rimini Street, Inc. (company) — Registrant
- GP Investments Acquisition Corp. (company) — Former company name
- 20150227 (date) — Date of name change
- September 6, 2024 (date) — Date of report
FAQ
What specific listing rule or standard has Rimini Street, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Rimini Street, 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 date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is September 5, 2024.
What was Rimini Street, Inc.'s former name?
Rimini Street, Inc.'s former name was GP Investments Acquisition Corp.
When did the company change its name from GP Investments Acquisition Corp. to Rimini Street, Inc.?
The company changed its name on February 27, 2015.
What is the principal executive office address for Rimini Street, Inc.?
The principal executive office address is 1700 S. Pavilion Center Drive, Suite 330, Las Vegas, NV 89135.
Filing Stats: 668 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-09-06 16:05:17
Key Financial Figures
- $0.0001 — ch registered: Common Stock, par value $0.0001 per share RMNI The Nasdaq Global Market
Filing Documents
- rmni-20240906.htm (8-K) — 35KB
- 0001635282-24-000158.txt ( ) — 192KB
- rmni-20240906.xsd (EX-101.SCH) — 2KB
- rmni-20240906_def.xml (EX-101.DEF) — 15KB
- rmni-20240906_lab.xml (EX-101.LAB) — 27KB
- rmni-20240906_pre.xml (EX-101.PRE) — 16KB
- rmni-20240906_htm.xml (XML) — 3KB
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 Audit Committee Composition On September 5, 2024, Rimini Street, Inc. (the "Company") received a letter (the "Letter") from the Nasdaq Stock Market LLC (the "Nasdaq") notifying the Company that it no longer complies with Nasdaq's audit committee requirements as set forth in Nasdaq Listing Rule 5605. Nasdaq Listing Rule 5605 requires, among other things, that each listed company must have an audit committee comprised of at least three members, each of whom must meet certain independence and other qualifications as set forth in such rule. The Company is required to disclose receipt of the Letter under Item 3.01 of Form 8-K. The current vacancy on the audit committee (the "Audit Committee") of the Company's Board of Directors (the "Board") is a result of the previously reported resignation of Ms. Katrinka McCallum from the Board effective as of August 2, 2024, resulting in an Audit Committee comprised of only two qualified directors. Nasdaq was notified of the vacancy on the Company's Audit Committee on August 2, 2024. In the Letter, Nasdaq indicated that it will provide the Company with a cure period in order to regain compliance as follows: until the earlier of the Company's next annual meeting of stockholders or August 2, 2025; or if the Company's next annual meeting of stockholders is held before January 29, 2025, then the Company must evidence compliance no later than January 29, 2025. The Company intends to fill the vacancy on the Audit Committee and regain compliance with the audit committee composition requirements under Nasdaq Listing Rule 5605 before the end of the cure period described above.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. Exhibit No . Exhibit Title 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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. RIMINI STREET, INC. Dated: September 6, 2024 By: /s/ Seth A. Ravin Name: Seth A. Ravin Title: President and Chief Executive Officer 2