Moxian (NASDAQ:MOXC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
On May 27, 2020, Moxian, Inc. (the “Registrant”) received a letter from NASDAQ regarding the Registrant’s failure to comply with NASDAQ Continued Listing Rule 5550(a)(2) (the “Rule”), which requires listed securities to maintain a minimum bid price of $1.00 per share. A failure to comply with the Rule exists when listed securities fail to maintain a closing bid price of at least $1.00 per share for 30 consecutive business days. Based on the closing bid price for the last 30 consecutive business days, the Registrant failed to meet the aforesaid requirement.
Under Rule 5810(c)(3)(A), the Registrant will be provided a compliance period of 180 calendar days to regain compliance. If at any time during this 180 day period the closing bid price of the Registrant’s security is at least $1.00 for a minimum of ten consecutive business days, the Registrant’s compliance will be regained.
If the Registrant does not regain compliance during such period, an additional 180 days may be granted to regain compliance, so long as the Registrant meets certain NASDAQ continued listing requirements and notifies NASDAQ in writing of its intention to cure the deficiency during the second compliance period. If the Registrant does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, it may be subject to delisting by NASDAQ.
The Registrant intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement.
This Form 8-K is filed to satisfy the obligation under Rule 5810(b) that the Registrant publicly disclose the deficiency within four (4) business days after the date of the deficiency letter.
About Moxian (NASDAQ:MOXC)
Moxian, Inc., formerly Moxian China, Inc. is engaged in the online-to-offline (O2O) business. The Company provides an online platform for small and medium sized enterprises (SMEs) with physical stores to conduct business online, interact with existing customers and obtain new customers. The Company refers to its customers as Merchant Clients and the users of its mobile application and platform that are the Merchant Clients’ existing customers as Users. Its products and services are designed to allow Merchant Clients to conduct targeted advertising campaigns and promotions. The version of its platform is called Moxian+, which consists of its user mobile application, Moxian+ User App and a separate application for its Merchant Clients, the Moxian+ Business App. Both versions of the application are available in the Google Play Store and the Apple application Store. The Moxian+ User App provides access to a social media platform with a package of services.
