PAVMED INC. (NASDAQ:PAVM) Files An 8-K Other EventsItem 8.01 Other Events
On March 5, 2018, the Company received a notice from the Listing Qualifications Department of the Nasdaq Stock Market (‘Nasdaq”) advising that for the prior 30 consecutive business days the market value of the Company’s listed securities had been below the minimum threshold of $35 million for inclusion on the Nasdaq Capital Market. The Company was afforded a period of 180 days (until September 4, 2018) to come into compliance. At the time of the notice, the Company’s stockholders’ equity was also below $2.5 million. If the stockholders’ equity would have been at least $2.5 million, even in the absence of meeting the $35 million threshold, the Company would have been in compliance with a continued listing standard for the Nasdaq Capital Market under Nasdaq’s Rule 5550(b).
On June 12, 2018, the Company announced that it had completed an equity subscription rights offering (“rights offering”) to its stockholders, each right representing one share of common stock and one Series Z warrant, from which it realized net proceeds of $9.44 million.
For the fiscal quarter ended March 31, 2018, the Company reported stockholders’ equity of $247,836. Through the rights offering, the Company believes it is now in compliance with a continued listing standard under Rule 5550(b) having stockholders’ equity of not less than $2.5 million
The Company advises that Nasdaq will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement and, if at the time of its next periodic report the Company does not evidence compliance with this requirement, it may be subject to delisting.