Skyline Medical Inc. (NASDAQ:SKLN) Files An 8-K Other EventsItem 8.01 Other Events.
Skyline Medical, Inc. (the “Company”) is listed on The Nasdaq Capital Market (“Nasdaq”) and, accordingly, for continued listing must comply with Nasdaq’s minimum shareholders’ equity requirement of $2.5 million. As previously reported, on November 21, 2017, the Company received a letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that it no longer complied with Nasdaq Listing Rule 5550(b)(1) due to the Company’s failure to maintain a minimum of $2,500,000 in stockholders’ equity, as reported in the Company’s Form 10-Q for the period ended September 30, 2017. In response to the letter, Company submitted a compliance plan to Nasdaq indicating the manner in which the Company would regain compliance with the minimum shareholders’ equity requirement.
In order to regain compliance, the Company has completed two offerings of equity securities subsequent to September 30, 2017. First, on November 28, 2017, the Company completed a private offering of Series C Convertible Preferred Stock and warrants. Total gross proceeds from the offering were $1.3 million, before deducting expenses. Second, on January 9, 2018, the Company completed an underwritten public offering of units of common stock and warrants for total net proceeds to the Company of approximately $2.5 million before expenses. As a result of these transactions, the Company believes that its shareholders’ equity now exceeds $2.5 million as of the date of this filing. The Company is awaiting confirmation from Nasdaq that it now exceeds all applicable requirements for continued listing.
About Skyline Medical Inc. (NASDAQ:SKLN)
Skyline Medical Inc. is a medical device company that develops and manufactures The STREAMWAY System, a solution for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company distributes these products to hospitals, surgical centers and other medical facilities where bodily and irrigation fluids produced during surgical procedures must be contained, measured, documented and disposed. The Company also manufactures and sells two disposable products required for system operation: a bifurcated single procedure filter and tissue trap, and a single use bottle of cleaning solution. Both items are used on a single procedure basis. Its STREAMWAY Automated Surgical Fluid Waste Management System (FMS) is a wall mounted automated system that disposes of an unlimited amount of suctioned fluid from the patient using standard surgical tubing. The FMS suctions surgical waste fluid from the patient using standard surgical tubing.