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Virpax Pharmaceuticals | 8-K: Current report

SEC announcement ·  Apr 3 16:10
Summary by Moomoo AI
Virpax Pharmaceuticals, Inc. has received a notification from The Nasdaq Stock Market on April 2, 2024, indicating that the company is not in compliance with the Nasdaq Listing Rule 5550(b)(1) due to its stockholders' equity falling below the minimum requirement of $2.5 million. The company's stockholders' equity was reported as $1,934,321 as of December 31, 2023, in its Annual Report on Form 10-K filed on March 26, 2024. Currently, Virpax Pharmaceuticals does not meet the alternative quantitative standards for continued listing on the Nasdaq Capital Market, which include having a market value of listed securities of $35 million or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three fiscal years. The notification does not immediately affect the...Show More
Virpax Pharmaceuticals, Inc. has received a notification from The Nasdaq Stock Market on April 2, 2024, indicating that the company is not in compliance with the Nasdaq Listing Rule 5550(b)(1) due to its stockholders' equity falling below the minimum requirement of $2.5 million. The company's stockholders' equity was reported as $1,934,321 as of December 31, 2023, in its Annual Report on Form 10-K filed on March 26, 2024. Currently, Virpax Pharmaceuticals does not meet the alternative quantitative standards for continued listing on the Nasdaq Capital Market, which include having a market value of listed securities of $35 million or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three fiscal years. The notification does not immediately affect the company's listing, provided it complies with other listing requirements. Virpax Pharmaceuticals plans to submit a Compliance Plan by May 17, 2024, to regain compliance with the Rule. If the plan is accepted, the company may be granted an extension of up to 180 days from April 2, 2024, to demonstrate compliance. If the plan is not accepted or the company fails to comply within the extension period, it has the right to a hearing before Nasdaq's Hearing Panel. The company's CEO, Gerald Bruce, signed the report on April 3, 2024.

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