Quarterly report [Sections 13 or 15(d)]

Subsequent Events

v3.25.1
Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

9. Subsequent Events

 

Subsequent to March 31, 2025, at the Holder’s request, the Company delivered 345,470 shares of Common Stock which were held in abeyance, related to the March 2025 Warrant Inducement to the Holder. Accordingly, 3,887,000 shares are held in abeyance, which are not issued and not outstanding.

 

As previously reported, on March 25, 2025, the Company received a letter from the Listing Qualifications Department of The Stock Market LLC (“Nasdaq”) notifying the Company that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market as set forth in Nasdaq Rule 5550(b)(1) (“Stockholders’ Equity Requirement”). Nasdaq has provided the Company with 45 calendar days, or until May 9, 2025, to either regain compliance with the minimum stockholders’ equity standard or submit a plan to regain compliance. If the plan is accepted, then Nasdaq can grant and extension of up to 180 calendar days from the date of the letter.