Vaxart Faces Delisting Threat, Reports Listing Rule Non-Compliance

TL;DR

**Vaxart is in hot water with the exchange, risking delisting.**

AI Summary

Vaxart, Inc. filed an 8-K on January 19, 2024, to report a "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing." This indicates the company is facing issues maintaining its listing on a stock exchange, which could lead to its shares being delisted. For current or potential shareholders, this matters because delisting often results in decreased liquidity, lower stock prices, and makes it harder to trade the stock, potentially signaling underlying financial or operational problems at Vaxart.

Why It Matters

This filing signals potential trouble for Vaxart's stock exchange listing, which could severely impact its stock price and investor confidence due to reduced trading access.

Risk Assessment

Risk Level: high — A notice of delisting or failure to satisfy listing rules is a significant red flag, indicating severe compliance issues that can lead to a stock being removed from a major exchange.

Analyst Insight

A smart investor would carefully review the specific reasons for the delisting notice, assess Vaxart's financial health, and consider the potential for further stock price decline and reduced liquidity before making any investment decisions. This situation often warrants caution or divestment.

Key Players & Entities

• Vaxart, Inc. (company) — the registrant filing the 8-K
• January 19, 2024 (date) — date of the earliest event reported and filing date
• Delaware (company) — state of incorporation for Vaxart, Inc.
• 001-35285 (dollar_amount) — Commission File Number for Vaxart, Inc.
• 170 Harbor Way, Suite 300, South San Francisco, California 94080 (company) — principal executive offices address for Vaxart, Inc.

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock , $0.0001 par value   VXRT   Th
• $1.00 M — e Company is not in compliance with the $1.00 Minimum Bid Price requirement set forth i
• $1.00 — a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecuti

Filing Documents

• vxrt20240119_8k.htm (8-K) — 33KB
• ex_617115.htm (EX-99.1) — 14KB
• 0001437749-24-001757.txt ( ) — 183KB
• vxrt-20240119.xsd (EX-101.SCH) — 3KB
• vxrt-20240119_def.xml (EX-101.DEF) — 11KB
• vxrt-20240119_lab.xml (EX-101.LAB) — 15KB
• vxrt-20240119_pre.xml (EX-101.PRE) — 11KB
• vxrt20240119_8k_htm.xml (XML) — 2KB

01

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.   As previously reported, on July 21, 2023, Vaxart, Inc. (the "Company") received a written notice (the "Notice") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Bid Price Requirement").   On January 19, 2024, Nasdaq notified the Company in writing (the "Extension Letter") that while the Company had not regained compliance with the Bid Price Requirement, it was eligible for an additional 180-day compliance period, or until July 15, 2024, to regain compliance with the Bid Price Requirement. Nasdaq's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Bid Price Requirement, and on the Company's written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.   The Notice did not result in the immediate delisting of the Company's common stock from The Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company originally had 180 calendar days, or until January 17, 2024, to regain compliance by maintaining a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading days. Pursuant to the Extension Letter, the Company now has until July 15, 2024 to regain compliance with the Bid Price Requirement.   If at any time during this second 180-day period the closing bid price of the Company's common stock is at least $1.00 per share for a minimum of 10 consecutive busin

01

Item 8.01. Other Events.   On January 19, 2024, the Company issued a press release relating to the Company receiving an award from the U.S. Department of Health and Human Services to fund preparation for a clinical study. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and, other than the quotes by Dr. Michael Finney and Dr. James F. Cummings, is incorporated by reference herein.  

Financial Statements and Exhibits

Financial Statements and Exhibits.   (d) Exhibits .   Exhibit Number Description     99.1 Press Release, dated January 19, 2024. 104 Cover Page Interactive Data File (embedded within Inline XBRL document).  

Forward-Looking Statements

Forward-Looking Statements          

SIGNATURES

SIGNATURES   Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.       VAXART, INC.     Dated: January 19, 2024     By: /s/ MICHAEL J. FINNEY     Michael J. Finney, Ph.D.     Interim Chief Executive Officer    

View Full Filing

View this 8-K filing on SEC EDGAR