UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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of the Securities Exchange Act of 1934
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| Item 8.01. | Other Events |
On May 18, 2023, United-Guardian, Inc. (the “Company”) received a letter (the “Compliance Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that it has regained compliance with Nasdaq Listing Rule 5450(b)(1)(A), requiring listed companies to maintain stockholders’ equity of at least $10,000,000.
As previously disclosed in its Current Report on Form 8-K filed on April 26, 2023, on April 20, 2023, the Company received a deficiency letter from the Staff stating that, because the Company did not maintain a minimum Market Value of Listed Securities of $50,000,000 for the previous thirty (30) consecutive business days, the Company was not in compliance with Nasdaq Listing Rule 5450(b)(2)(A). The Staff also noted in its letter that the Company was not in compliance with Nasdaq Listing Rule 5450(b)(1)(A), requiring listed companies to maintain stockholders’ equity of at least $10,000,000 and Nasdaq Listing Rule 5450(b)(3)(A), which requires listed companies to have total assets and total revenue of at least $50,000,000 each for the most recently completed fiscal year or for two of the three most recently completed fiscal years. The Company was required to regain compliance with at least one of these continued listing standards if it wished to remain on The Nasdaq Global Select Market.
The Compliance Notice stated that based on the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2023 and filed on May 12, 2023, evidencing stockholders’ equity in excess of the $10,000,000 minimum, Nasdaq determined that the Company is in compliance with the stockholders’ equity standard under Nasdaq Listing Rule 5450(b)(1)(A). Therefore, the Company may continue listing on The Nasdaq Global Select Market and Nasdaq has informed the Company that it considers the matter closed.
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 thereunto duly authorized.
Date: May 24, 2023
| United-Guardian, Inc. | ||
| By: | /s/ Andrea Young | |
| Name: | Andrea Young | |
| Title: | Chief Financial Officer | |