UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 13, 2024, Zomedica Corp. (the “Company”) announced that it was continuing its dialogue with the NYSE American LLC (the “NYSE American”) regarding next steps associated with the deficiency letter (the “Letter”) the Company received from NYSE American on September 12, 2023. As reported in a prior Form 8-K, the Letter indicated that the Company was not in compliance with the NYSE American continued listing standards set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”) because the Company’s common shares were trading for a substantial period of time at a low price per share, which the NYSE American determined to be a 30-trading day average of less than $0.20 per share.
At this time, the Company’s common shares will remain listed on the NYSE American market.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
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| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
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 hereunto duly authorized.
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Date: March 15, 2024 | By: | /s/ Peter Donato |
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| Peter Donato |
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| Chief Financial Officer |
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EXHIBIT 99.1
Zomedica Provides Corporate NYSE American Listing Update
ANN ARBOR, MI / ACCESSWIRE / March 13, 2024 / Zomedica Corp. (NYSE American:ZOM) ("Zomedica" or the "Company"), a veterinary health company offering point-of-care diagnostics and therapeutic products for equine and companion animals, today announced that it is continuing dialogue with senior regulatory staff at the NYSE American regarding next steps with regards to regaining compliance with its listing standards. Zomedica shares will remain listed on the NYSE American at this time.
As announced on September 13, 2023, Zomedica received formal notice from the NYSE American that it was not in compliance with continued listing standards as set forth in Section 1003(f)(v) of the NYSE American Company Guide. According to the notice, the Company had a reasonable period of time, which was determined to be March 12, 2024, to effect a reverse stock split or otherwise demonstrate sustained price improvement.
While the notice did not result in an immediate delisting of Zomedica’s common shares, it did prompt the Company to announce that it would undertake certain cure measures to regain compliance.
A Special Meeting of Shareholders was held on February 28, 2024, with the company unable to effect an 80:1 share consolidation corporate action by a required majority of 67.7% votes as set forth by the Company’s bylaws.
Larry Heaton, Chief Executive Officer of Zomedica Corp. stated, “Following the rejection of our proposed reverse stock split, we have been in contact with the NYSE American to understand the implications for Zomedica’s continued listing. The exchange has indicated that they will continue to monitor our share price and other developments and noted that additional deterioration of the share price could result in delisting. This gives us time to continue to highlight the progress the Company has made over the last several years, and the tremendous opportunities ahead, to positively impact our share price.”
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for horses, dogs, and cats by focusing on the unmet needs of clinical veterinarians. Zomedica's product portfolio includes innovative diagnostics and medical devices that emphasize patient health and practice health. Zomedica's mission is to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.zomedica.com.
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About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) is a veterinary health company creating products for horses, dogs, and cats by focusing on the unmet needs of clinical veterinarians. Zomedica's product portfolio includes innovative diagnostics and medical devices that emphasize patient health and practice health. Zomedica's mission is to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.zomedica.com.
Follow Zomedica
● Email Alerts: http://investors.zomedica.com
● LinkedIn: https://www.linkedin.com/company/zomedica
● Facebook: https://m.facebook.com/zomedica
● X (formerly Twitter): https://twitter.com/zomedica
● Instagram: https://www.instagram.com/zomedica_inc
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include statements relating to our expectations regarding future results. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, including assumptions with respect to economic growth, demand for the Company's products, the Company's ability to produce and sell its products, sufficiency of our budgeted capital and operating expenditures, the satisfaction by our strategic partners of their obligations under our commercial agreements, our ability to realize upon our business plans and cost control efforts and the impact of COVID-19 on our business, results and financial condition.
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Our forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: the outcome of clinical studies, the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments, uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth; uncertainty as to our ability to successfully integrate acquisitions; uncertainty as to our ability to supply products in response to customer demand; uncertainty as to the likelihood and timing of any required regulatory approvals, and the availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of their obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR+ at www.sedarplus.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Investor Relations Contact:
Zomedica Investor Relations
investors@zomedica.com
1-734-369-2555
SOURCE: Zomedica Corp.
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Cover |
Mar. 13, 2024 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | ZOMEDICA CORP. |
| Entity Central Index Key | 0001684144 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Mar. 13, 2024 |
| Entity File Number | 001-38298 |
| Entity Incorporation State Country Code | Z4 |
| Entity Address Address Line 1 | 100 Phoenix Drive |
| Entity Address Address Line 2 | Suite 125 |
| Entity Address City Or Town | Ann Arbor |
| Entity Address State Or Province | MI |
| Entity Address Postal Zip Code | 48108 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Shares, without par value |
| Trading Symbol | ZOM |
| Security Exchange Name | NYSE |
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