Organovo Holdings Faces Delisting Notice

TL;DR

Organovo's in danger of being delisted, stock might be toast.

AI Summary

Organovo Holdings, Inc. filed an 8-K on July 24, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as Real Estate Restoration & Rental, Inc., is incorporated in Delaware and headquartered in San Diego, California.

Why It Matters

This filing indicates potential issues with Organovo Holdings' 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 continued operation as a publicly traded entity.

Key Numbers

• 001-35996 — Commission File Number (Identifies the company's filing with the SEC)
• 27-1488943 — IRS Employer Identification No. (Company's tax identification number)

Key Players & Entities

• Organovo Holdings, Inc. (company) — Registrant
• Real Estate Restoration & Rental, Inc. (company) — Former company name
• July 18, 2024 (date) — Earliest event reported date
• July 24, 2024 (date) — Date of report
• Delaware (jurisdiction) — State of incorporation
• San Diego, California (location) — Principal executive offices location

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value ONVO The Nasdaq Stock Mar
• $1 — ment to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listi

Filing Documents

• onvo-20240718.htm (8-K) — 45KB
• 0000950170-24-086026.txt ( ) — 157KB
• onvo-20240718.xsd (EX-101.SCH) — 24KB
• onvo-20240718_htm.xml (XML) — 5KB

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 July 18, 2024, Organovo Holdings, Inc., a Delaware corporation (the "Company"), received a written notice (the "Notice") from the Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") indicating that, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days, the Company no longer meets the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) ("Rule 5550(a)(2)"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided with an initial period of 180 calendar days, or until January 14, 2025, to regain compliance. In order to regain compliance with the minimum bid price requirement, the closing bid price of the Company's common stock must be at least $1 per share for a minimum of ten consecutive business days during this 180-day period. The Notice provides that the Nasdaq staff will provide written confirmation to the Company if the Company regains compliance with Rule 5550(a)(2). If the Company does not regain compliance with Rule 5550(a)(2) by January 14, 2025, the Company may be eligible for an additional compliance period of 180 calendar days. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice to Nasdaq of its intention to cure the bid price deficiency during the second compliance period. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities will be subject to delisting. In the event of such a notification, the Company may appeal th

Forward-Looking Statements

Forward-Looking Statements Except for the factual statements made herein, information contained in this Current Report on Form 8-K consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects or future events, as well as words such as "believes," "intends," "expects," "plans" and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that the Company will meet the bid price requirement during any compliance period or otherwise in the future, that the Company will otherwise meet Nasdaq compliance standards, or that Nasdaq will grant the Company any relief from delisting as necessary or whether the Company can agree to or ultimately meet applicable Nasdaq requirements for any such relief. Reference is also made to other factors detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. The forward-looking statements contained in this Current Report on Form 8-K speak only as of the date of this Current Report on Form 8-K and the Company assumes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this Current Report on Form 8-K, unless required by law.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Number Description 104 Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).

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. Organovo Holdings, Inc. Date: July 24, 2024 By: /s/ Keith Murphy Name: Keith Murphy Title: Executive Chairman

View Full Filing

View this 8-K filing on SEC EDGAR