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
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: (
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(Former Name or Former Address, if Changed Since Last Report)
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 (see General Instructions A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act.
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Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
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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 September 2, 2020, Destination XL Group, Inc. (the “Company”) received a letter (the “Notice”) from the Listing Qualifications staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with Nasdaq Listing Rule 5450(b)(1)(A) based on information provided in the Company’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2020, which reported that the Company’s stockholders’ equity was below the $10.0 million minimum required for continued listing on the Nasdaq Global Market (the “Stockholder's Equity Requirement”).
The Company has 45 calendar days from the date of the Notice to submit a plan to regain compliance with the Stockholders’ Equity Requirement. If the plan is accepted, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Notice for the Company to regain compliance. If Nasdaq determines that such plan is not sufficient, the Company will have an opportunity to appeal the decision to a hearings panel. Alternatively, the Company may consider applying to transfer the listing of its common stock to the Nasdaq Capital Market.
The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Market. The Company is evaluating various courses of action, including transferring the listing of its common stock to the Nasdaq Capital Market.
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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.
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DESTINATION XL GROUP, INC. |
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Date: |
September 4, 2020 |
By: |
/s/ Robert S. Molloy |
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Robert S. Molloy |
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Chief Administrative Officer, General Counsel and Secretary |
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Document and Entity Information |
Sep. 02, 2020 |
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| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Sep. 02, 2020 |
| Entity Registrant Name | DESTINATION XL GROUP, INC. |
| Entity Central Index Key | 0000813298 |
| Entity Emerging Growth Company | false |
| Entity File Number | 01-34219 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 04-2623104 |
| Entity Address, Address Line One | 555 Turnpike Street |
| Entity Address, City or Town | Canton |
| Entity Address, State or Province | MA |
| Entity Address, Postal Zip Code | 02021 |
| City Area Code | 781 |
| Local Phone Number | 828-9300 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.01 par value |
| Trading Symbol | DXLG |
| Security Exchange Name | NASDAQ |