UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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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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 March 4, 2024, Accelerate Diagnostics, Inc. (the “Company”) received written notice (the “Notice”) from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market, LLC (“Nasdaq”) notifying the Company that for the last 31 consecutive business days prior to the date of the Notice, the Company’s Market Value of Listed Securities (as defined under Nasdaq rules) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2) (the “MVLS Requirement”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), Nasdaq has provided the Company with 180 calendar days, or until September 3, 2024 (the “Compliance Date”), to regain compliance with the MVLS Requirement. If, at any time before the Compliance Date, the market value of the Company’s common stock (calculated in accordance with Nasdaq rules) closes at $35 million or more for a minimum of ten consecutive business days, Nasdaq will provide written confirmation to the Company and close the matter.
The Notice does not result in the delisting of the Company’s common stock from the Nasdaq Capital Market. However, in the event the Company does not regain compliance with the MVLS Requirement prior to the Compliance Date, the Company will receive written notification that its common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Nasdaq Hearing Panel.
The Company is evaluating potential actions to regain compliance with the MVLS Requirement and intends to actively monitor the market value of its common stock. The Company may also, if appropriate, consider other options to regain compliance with Nasdaq’s continued listing standards, such as by increasing its stockholders’ equity to at least $2.5 million. There can be no assurance that the Company will regain compliance with the MVLS Requirement or otherwise maintain compliance with any of the other Nasdaq listing requirements.
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 hereunto duly authorized.
ACCELERATE DIAGNOSTICS, INC. | |
(Registrant) | |
Date: March 5, 2024 |
|
/s/ David Patience | |
David Patience | |
Chief Financial Officer |
Cover |
Mar. 04, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 04, 2024 |
Entity File Number | 001-31822 |
Entity Registrant Name | Accelerate Diagnostics, Inc. |
Entity Central Index Key | 0000727207 |
Entity Tax Identification Number | 84-1072256 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 3950 South Country Club Road |
Entity Address, Address Line Two | Suite 470 |
Entity Address, City or Town | Tucson |
Entity Address, State or Province | AZ |
Entity Address, Postal Zip Code | 85714 |
City Area Code | 520 |
Local Phone Number | 365-3100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value per share |
Trading Symbol | AXDX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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