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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events  
Subsequent Events

Note 11 – Subsequent Events

On October 3, 2022, the Company received written notification from the NYSE American Exchange (the “Exchange”) stating that the Staff has determined to commence proceedings to delist the Company’s common stock from the Exchange. While the Company’s stock is currently listed on the Exchange, trading in the Company’s common stock was suspended on the Exchange effective October 3, 2022 with current trading moved to the OTC Pink Open Market tier.

The basis for the suspension and the move to delisting is based on the Staff determination that the Company is no longer suitable for listing pursuant to Section 1033(f)(v) of the NYSE American Company Guide due to the abnormally low trading price of the Company’s common stock. The Exchange’s application to the Securities and Exchange Commission to delist the Company’s common stock is pending, subject to the completion of the Exchange’s applicable procedures, including any appeal by the Company of NYSE Regulation’s decision. The Company filed an appeal of this determination by the Exchange, by filing a written request for such review on October 10, 2022 and the Exchange confirmed an appeal hearing date of December 1, 2022.

On October 13, 2022, the Company held a special meeting of the stockholders (the “Special Meeting”) to seek approval of an amendment to the Company’s certificate of incorporation to effect a reverse stock split of the Company’s shares of common stock at a ratio not less than 5-to-1 and not greater than 15-to-1, with the exact ratio to be set within that range at the discretion of the Company’s Board of Directors before October 13, 2023 without further approval or authorization of the Company’s stockholders. Based on the final certified vote, the reverse split proposal was approved by a majority of the Company’s stockholders. Effective November 9, 2022, the Company amended its certificate of incorporation to implement a 15-to-1 reverse stock split. Holders of fractional shares are entitled to receive, in lieu of any fractional share, the number of shares rounded up to the next whole number.