VSEE HEALTH, INC. Faces Delisting Concerns
Ticker: VSEEW · Form: 8-K · Filed: Sep 11, 2024 · CIK: 1864531
| Field | Detail |
|---|---|
| Company | Vsee Health, Inc. (VSEEW) |
| Form Type | 8-K |
| Filed Date | Sep 11, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $11.50 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, stock-exchange
TL;DR
VSEE HEALTH, INC. might get delisted - big trouble ahead.
AI Summary
VSEE HEALTH, INC. filed an 8-K on September 11, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, along with Regulation FD disclosures and financial statements. The company was formerly known as DIGITAL HEALTH ACQUISITION CORP. and changed its name on May 26, 2021.
Why It Matters
This filing indicates potential issues with VSEE HEALTH, INC.'s compliance with stock exchange listing requirements, which could lead to significant stock price volatility and investor uncertainty.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a severe warning sign for a company's financial health and future viability.
Key Players & Entities
- VSEE HEALTH, INC. (company) — Registrant
- DIGITAL HEALTH ACQUISITION CORP. (company) — Former name of registrant
- September 6, 2024 (date) — Earliest event reported date
- September 11, 2024 (date) — Filing date
- May 26, 2021 (date) — Date of name change
FAQ
What specific listing rule or standard has VSEE HEALTH, INC. failed to satisfy?
The filing indicates a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify the exact rule or standard in the provided text.
What are the implications of this notice for VSEE HEALTH, INC.'s stock trading?
A failure to satisfy listing standards can lead to delisting from the stock exchange, which would significantly impact the stock's liquidity and value.
When was VSEE HEALTH, INC. previously known as?
VSEE HEALTH, INC. was formerly known as DIGITAL HEALTH ACQUISITION CORP.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated September 6, 2024.
What other items are included in this 8-K filing besides the delisting notice?
This filing also includes Regulation FD Disclosure and Financial Statements and Exhibits.
Filing Stats: 1,027 words · 4 min read · ~3 pages · Grade level 10.9 · Accepted 2024-09-11 16:30:11
Key Financial Figures
- $0.0001 — on which registered Common Stock, $0.0001 par value per share VSEE The Nasdaq
- $11.50 — (1) share of common stock at a price of $11.50 per whole share VSEEW The Nasdaq St
Filing Documents
- tm2423764d1_8k.htm (8-K) — 31KB
- tm2423764d1_ex99-1.htm (EX-99.1) — 5KB
- 0001104659-24-098939.txt ( ) — 253KB
- vsee-20240906.xsd (EX-101.SCH) — 3KB
- vsee-20240906_def.xml (EX-101.DEF) — 26KB
- vsee-20240906_lab.xml (EX-101.LAB) — 36KB
- vsee-20240906_pre.xml (EX-101.PRE) — 25KB
- tm2423764d1_8k_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 September 6, 2024, VSee Health, Inc. (the "Company") received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company had not yet filed its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 (the "Form 10-Q"), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). The Notice states that the Company has 60 calendar days or until November 5, 2024 to submit to Nasdaq a plan to regain compliance with the Nasdaq's listing rules. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date for filing the Form 10-K (or until February 18, 2025) to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The Notice has no immediate effect on the listing of the Company's common stock or its public warrants on The Nasdaq Capital Market. The Company intends to take the necessary steps to regain compliance with Nasdaq's listing rules as soon as practicable. As described in the Form 12b-25 filed with the SEC by the Company on August 14, 2024, the Company is completing valuations related to the acquisition of iDoc Virtual Telehealth Solutions, Inc., a Texas corporation in the de-SPAC transaction back in June 2024 and incorporating such valuations into its financial statements. All the parties are continuing working diligently to complete necessary items and file the Form 10-Q as soon as practicable.
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On September 11, 2024, the Company issued a press release disclosing the receipt of the Notice. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. The information included in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall this item and Exhibit 99.1 be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such future filing.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the Company's ability to regain compliance with Nasdaq's listing rules within the required timeframe. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly, including those risks set forth in the Company's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and other documents filed with the SEC. Copies of such filings are available on the SEC's website at www.sec.gov. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
01. Financial Statement and Exhibits
Item 9.01. Financial Statement and Exhibits. (c) Exhibits. Exhibit Number Description 99.1 Press Release dated September 11, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 11, 2024 VSEE HEALTH, INC. By: /s/ Imoigele Aisiku Name: Imoigele Aisiku Title: Co-Chief Executive Officer