Sunshine Biopharma Faces Delisting Concerns

TL;DR

SBFM might get delisted, check exchange status.

AI Summary

Sunshine Biopharma, Inc. filed an 8-K on June 7, 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 future viability.

Key Players & Entities

• Sunshine Biopharma, Inc. (company) — Registrant
• Mountain West Business Solutions, Inc. (company) — Former Company Name
• June 7, 2024 (date) — Filing Date
• October 30, 2007 (date) — Name Change Date

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SBFM The Nasdaq Stock Market LLC

Filing Documents

• sunshine_8k.htm (8-K) — 29KB
• 0001683168-24-004053.txt ( ) — 241KB
• sbfm-20240607.xsd (EX-101.SCH) — 3KB
• sbfm-20240607_def.xml (EX-101.DEF) — 26KB
• sbfm-20240607_lab.xml (EX-101.LAB) — 36KB
• sbfm-20240607_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. On June 7, 2024, Sunshine Biopharma, Inc. (the "Company") received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), that based on further review of the Company's public filings with the Securities and Exchange Commission and supporting materials submitted to Nasdaq, its staff has determined to delist the Company's securities pursuant to its discretionary authority under Listing Rule 5101. Specifically, as set forth in the letter, Nasdaq's staff determined that the "alternative cashless exercise" provision of the Series A warrants the Company issued on February 15, 2024, raises public interest and investor protection concerns because the issuance of Series A warrants resulted in substantial dilution for the stockholders of the Company to date and may cause potential future dilution. Accordingly, as set forth in the letter, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. As set forth in the letter, under the "alternative cashless exercise" provision set forth in Section 2.3 of the Series A warrants the holder of the Series A warrant, has the right to receive an aggregate number of shares equal to the product of (x) the aggregate number of shares of common stock that would be issuable upon a cash exercise of the Series A warrant and (y) 2. However, this multiplier was not proportionally adjusted to 0.02 in connection with the 1-for-100 reverse stock split the Company implemented on April 17, 2024, but instead it remained unchanged at 2. As set forth in the letter, a reverse stock split has the effect of increasing the stock price by proportionally consolidating the outstanding shares; however, the number of shares issuable to Series A warrant holders under the "alternative cashless exercise" provision were not so consolidated. As such,

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: June 7, 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