Sunshine Biopharma Faces Delisting Notice

TL;DR

Sunshine Biopharma got a notice about possibly getting delisted.

AI Summary

Sunshine Biopharma, Inc. filed an 8-K on February 28, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company was formerly known as Mountain West Business Solutions, Inc. and changed its name on October 30, 2007.

Why It Matters

This filing indicates potential issues with Sunshine Biopharma's continued listing on an exchange, which could impact its stock liquidity 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 Players & Entities

• Sunshine Biopharma, Inc. (company) — Registrant
• Mountain West Business Solutions, Inc. (company) — Former company name
• February 28, 2024 (date) — Date of earliest event reported
• October 30, 2007 (date) — Date of name change

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SBFM The Nasdaq Stock Market LLC
• $1.00 — common stock listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Co
• $0.10 — common stock had a closing bid price of $0.10 or less for ten consecutive trading day

Filing Documents

• sunshine_8k.htm (8-K) — 27KB
• 0001683168-24-001253.txt ( ) — 239KB
• sbfm-20240228.xsd (EX-101.SCH) — 3KB
• sbfm-20240228_def.xml (EX-101.DEF) — 26KB
• sbfm-20240228_lab.xml (EX-101.LAB) — 36KB
• sbfm-20240228_pre.xml (EX-101.PRE) — 25KB
• sunshine_8k_htm.xml (XML) — 5KB

01 Notice of Delisting or Failure to

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on March 24, 2023, Sunshine Biopharma, Inc. (the "Company") received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, because the closing bid price for the Company's common stock listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Company no longer meets the minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the "Minimum Bid Price Requirement"). On September 21, 2023, the Company received another notification letter from Nasdaq advising that Nasdaq's staff had determined that the Company was eligible for an extension of an additional 180 calendar day period, or until March 18, 2024, to cure the bid price deficiency. On February 28, 2024, the Company received a notification letter from Nasdaq advising that Nasdaq's staff had determined that as of February 27, 2024, the Company's common stock had a closing bid price of $0.10 or less for ten consecutive trading days and accordingly, the Company was subject to the provisions contemplated under Listing Rule 5810(c)(3)(A)(iii) (the "Low Priced Stocks Rule"). Accordingly, Nasdaq determined to remove the Company's securities from listing and registration on The Nasdaq Stock Market, subject to the procedures set forth in the Nasdaq Listing Rule 5800 Series which provide the Company with the opportunity to appeal this determination. If the Company failed to file such appeal by March 6, 2024, trading of the Company's common stock would be suspended at the opening of business on March 8, 2024, and a Form 25-NSE would be filed with the Securities and Exchange Commission (the "SEC"), which would remove the Company's securities from listing and registration on The Nasdaq S

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: March 1, 2024 SUNSHINE BIOPHARMA, INC. By: /s/ Dr. Steve N. Slilaty Dr. Steve N. Slilaty, Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR