UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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:
Securities registered pursuant to Section 12(b) of the Act:
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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 February 24, 2022, Dynatronics Corporation (the “Company”) received written notice (“Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that the closing bid price of its common stock (the “Common Stock”) for the last 30 consecutive business days prior to the date of the Letter failed to comply with the $1.00 per share minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The Letter has no immediate effect on the Common Stock listing or trading on Nasdaq.
The Company will be provided with a compliance period of 180 calendar days beginning February 24, 2022, and the date by which the Company has to gain compliance with the minimum bid price requirement is August 23, 2022 (the “Compliance Date”) pursuant to Nasdaq Listing Rule 5810(c)(3)(A). If at any time before the Compliance Date, the closing bid price of the Common Stock is at least $1.00 per share for a minimum of ten consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid requirement.
If the Company does not regain compliance by the Compliance Date, it may be eligible for an additional grace period, provided it meets the applicable market value of publicly held shares requirement for continued listing, and all other applicable Nasdaq standards for initial listing on the Nasdaq Capital Market, with the exception of bid price.
The Company intends to actively monitor the bid price for its common stock between now and the Compliance Date, and will consider available options to resolve the deficiency and regain compliance with Nasdaq’s minimum bid price requirement but has not yet determined to take any other action in response to the notice.
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.
Date: February 25, 2022 | DYNATRONICS CORPORATION |
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| By: | /s/ John A. Krier |
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| Name: | John A. Krier | |
| Title: | Chief Executive Officer |
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Cover |
Feb. 24, 2022 |
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| Cover [Abstract] | |
| Entity Registrant Name | Dynatronics Corporation |
| Entity Central Index Key | 0000720875 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Feb. 24, 2022 |
| Entity File Number | 0-12697 |
| Entity Incorporation State Country Code | UT |
| Entity Tax Identification Number | 87-0398434 |
| Entity Address Address Line 1 | 1200 Trapp Rd |
| Entity Address City Or Town | Eagan |
| Entity Address State Or Province | MN |
| Entity Address Postal Zip Code | 55121 |
| City Area Code | 801 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Local Phone Number | 568-7000 |
| Security 12b Title | Common stock |
| Trading Symbol | DYNT |
| Security Exchange Name | NASDAQ |
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