OMNIQ Corp. Faces Delisting Concerns
Ticker: OMQS · Form: 8-K · Filed: May 8, 2024 · CIK: 278165
Sentiment: bearish
Topics: delisting, listing-rules, compliance
TL;DR
OMNIQ might get kicked off Nasdaq - big trouble ahead.
AI Summary
OMNIQ Corp. filed an 8-K on May 8, 2024, reporting a notice of delisting or failure to satisfy continued listing rules. The filing indicates potential issues with meeting Nasdaq's continued listing requirements, which could lead to a transfer of listing or delisting from the exchange. The company previously operated under the name Quest Solution, Inc. before changing its name on August 13, 2014.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could significantly impact the stock's liquidity and investor confidence.
Risk Assessment
Risk Level: high — The filing explicitly addresses potential delisting from a major exchange, indicating significant operational or financial challenges.
Key Players & Entities
- OMNIQ Corp. (company) — Registrant
- Quest Solution, Inc. (company) — Former company name
- Nasdaq (company) — Exchange where listing is potentially at risk
- May 3, 2024 (date) — Earliest event date reported
- May 8, 2024 (date) — Date of report
FAQ
What specific listing rule has OMNIQ Corp. failed to satisfy?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing' but does not specify the exact rule in the provided text.
What are the potential consequences of failing to meet listing requirements?
The consequences include a potential transfer of listing or delisting from the exchange.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on May 3, 2024.
What was OMNIQ Corp.'s former name?
OMNIQ Corp.'s former name was Quest Solution, Inc.
What is the company's state of incorporation?
OMNIQ Corp. is incorporated in Delaware.
Filing Stats: 727 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2024-05-08 16:20:46
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 OMQS The Nasdaq Stock Market LLC
- $35 million — it no longer complied with the minimum $35 million market value of listed securities ("MVL
Filing Documents
- form8-k.htm (8-K) — 41KB
- ex99-1.htm (EX-99.1) — 15KB
- ex99-1_001.jpg (GRAPHIC) — 2KB
- 0001493152-24-018237.txt ( ) — 232KB
- omqs-20240503.xsd (EX-101.SCH) — 3KB
- omqs-20240503_lab.xml (EX-101.LAB) — 33KB
- omqs-20240503_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 3KB
01
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard. On May 3, 2024, The Nasdaq Stock Market LLC ("Nasdaq") notified OMNIQ Corp. (the "Company") that the Nasdaq Hearings Panel (the "Panel") has determined to delist the Company's common stock and that trading of the Company's securities will be suspended at the open of trading on May 7, 2024. As previously reported, on August 9, 2023, Nasdaq Listing Qualifications Staff (the "Staff") notified the Company that it no longer complied with the minimum $35 million market value of listed securities ("MVLS") required for continued listing as set forth in Listing Rule 5550(b)(2). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until February 5, 2024, to regain compliance. On February 8, 2024, Staff notified the Company that it had determined to delist the Company as it did not comply with the MVLS requirement for listing on the Exchange. On February 15, 2024, the Company requested a hearing, which was held on April 11, 2024. In connection with the Nasdaq delisting notice, Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (the "SEC") after applicable appeal periods have lapsed. In the interim, the Company expects its common stock will be eligible for quotation on the OTC Pink Market under its existing symbol, "OMQS." The Company has 15 days after the date it received notice of the Panel's decision to request that the Nasdaq Listing and Hearing Review Council review the decision, or the Council may, on its own motion, determine to review the Panel's decision within 45 calendar days after the Company was notified of the decision. The Company has submitted an application to the OTCQX for quotation of its common stock, and plans to continue to file its required periodic reports and other filings with the SEC. Item 7.01 Regulation FD On May 8, 2024, Omniq C