0001562762-19-000096.txt : 20190411 0001562762-19-000096.hdr.sgml : 20190411 20190411115651 ACCESSION NUMBER: 0001562762-19-000096 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190411 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing FILED AS OF DATE: 20190411 DATE AS OF CHANGE: 20190411 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BROADVISION INC CENTRAL INDEX KEY: 0000920448 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943184303 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34205 FILM NUMBER: 19743243 BUSINESS ADDRESS: STREET 1: 460 SEAPORT CT. STREET 2: SUITE 102 CITY: REDWOOD CITY STATE: CA ZIP: 94063 BUSINESS PHONE: 6503311000 MAIL ADDRESS: STREET 1: 460 SEAPORT CT. STREET 2: SUITE 102 CITY: REDWOOD CITY STATE: CA ZIP: 94063 8-K 1 bvsn-20190411x8k.htm 8-K 8K Nasdaq notice

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

   

FORM 8-K

   

CURRENT REPORT

   

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

   

31

 

 

   

   

   

Date of Report (Date of Earliest Event Reported):

  

April 8,  2019

   

BroadVision, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)



 

 

   

   

   

Delaware

001-34205

94-3184303

_____________________

(State or other jurisdiction

_____________

(Commission

______________

(I.R.S. Employer

of incorporation)

File Number)

Identification No.)

  

   

   

460 Seaport Ct, Suite 102,  

Redwood City, California 

   

94063

_________________________________

(Address of principal executive offices)

   

___________

(Zip Code)

 

 



 

 

   

   

   

Registrant's telephone number, including area  code:

   

(650) 331-1000

   

______________________________________________

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: 

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

   

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 of Standard; Transfer of Listing.  

   

On April 8, 2019,  BroadVision, Inc. (the “Company”) received a letter (the “Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company no longer complies with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market because the Company’s stockholders’ equity of $1,401,000 as reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 is below the required minimum of $2,500,000, and as of April 4, 2019 the Company does not meet the alternatives of market value of listed securities or net income from continuing operations.



In accordance with the Nasdaq Listing Rules, the Company has 45 calendar days, or until May 23, 2019, to submit a plan to regain compliance. If the Company’s plan is accepted, Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the Letter to evidence compliance.



If the Company’s plan to regain compliance with the minimum stockholders’ equity standard is not accepted or if it is accepted but the Company does not regain compliance by the end of the extension granted by Nasdaq, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company’s common shares will become subject to delisting. In such event, Nasdaq rules permit the Company to appeal the decision to reject its proposed compliance plan or any delisting determination to a Nasdaq hearings panel. Accordingly, there can be no guarantee that the Company will be able to maintain its Nasdaq listing.

 

    

 

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.

   

   



 

 

 

 

31

 

 

 

 

   

   

   

   

   

   

   

BroadVision, Inc.

  

   

   

   

   

April 9, 2019

   

By:

   

/s/ Pehong Chen

   

   

   

   

 

   

   

   

   

Name: Pehong Chen

   

   

   

   

Title: President, Chief Executive Officer and Interim Chief Financial Officer