UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 2022 (
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
Not Applicable | |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code:
n/a
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On December 6, 2022, the board of directors of Quotient Limited (the “Company”) approved the voluntary withdrawal of the Company’s ordinary shares from listing on the Nasdaq Global Market as soon as practicable. The Company notified the Nasdaq Stock Market LLC of its intention to voluntarily delist its ordinary shares on December 12, 2022. The Company does not intend to apply to list its ordinary shares on any other exchange or for quotation of its ordinary shares in any quotation medium.
Additional information regarding the delisting is contained in the Company’s press release dated December 12, 2022, a copy of which is filed as an exhibit to this report.
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
(d) | Exhibits. |
Exhibit No. |
Description | |
99.1 | Press release of Quotient Limited dated December 12, 2022 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
December 12, 2022
QUOTIENT LIMITED | ||
By: | /s/ Manuel O. Méndez | |
Name: | Manuel O. Méndez | |
Title: | Chief Executive Officer |
Exhibit 99.1
Quotient Limited Announces Intent to Voluntary Delist
from the Nasdaq Global Market
JERSEY, Channel Islands, December 12, 2022 (GLOBE NEWSWIRE) Quotient Limited (Nasdaq: QTNT) (the Company) today announced that it has given formal notice to the Nasdaq Stock Market LLC (Nasdaq) of its intention to voluntarily delist its ordinary shares from the Nasdaq Global Market. In order to implement the delisting, the Company intends to file a Form 25 with the Securities and Exchange Commission (the SEC) on or about December 27, 2022. The delisting of the Companys ordinary shares will take effect no earlier than ten days after the date of that Form 25 filing. The Company expects that as a result of this voluntary delisting, the last trading day of its ordinary shares on the Nasdaq Global Market will be on or about January 6, 2023. The Company expects that in connection with the transactions referred to below, it will seek to suspend its reporting obligations under the Securities Exchange Act of 1934. The Company does not intend to apply to list its ordinary shares on any other stock exchange or for quotation of its ordinary shares in any quotation medium.
The Company has entered into a Transaction Support Agreement, which is described in and is an exhibit to the Report on Form 8-K that the Company filed with the SEC on December 8, 2022. That agreement provides for a series of transactions in which all of the Companys outstanding equity securities (including its ordinary shares, preferred shares, options and warrants) are expected to be extinguished and cancelled for either nominal or no consideration. The transactions provided for in the Transaction Support Agreement are intended to reduce the Companys indebtedness and to inject liquidity into the Companys business as necessary to effectuate its recently announced change in business strategy.
Nasdaq notified the Company on August 9, 2022 that the Company is not in compliance with the market value of listed securities requirement set forth in Nasdaq Listing Rule 5450(b)(2)(A) for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5450(b)(2)(A) requires a companys listed securities to maintain a minimum market value of at least $50 million, and Nasdaq Listing Rule 5810(c)(3)(C) provides that a failure to meet such requirement exists if the deficiency continues for a period of 30 consecutive business days. Since that notice, the Companys ordinary shares have continued to trade at levels substantially below the $50 million minimum market value requirement. The Company also is not currently in compliance with Nasdaq Listing Rule 5550(a)(2) because since November 22, 2022, the closing bid price for the Companys ordinary shares has been below $1.00, which is the minimum bid price required to maintain listing on the Nasdaq Global Market. Nasdaq has not formally notified the Company of this deficiency because, under Nasdaqs rules, such a notice is given only after the deficiency has continued for 30 consecutive business days. The Company does not anticipate being able to regain compliance with either requirement (the minimum market value requirement or the minimum bid price requirement).
In light of these developments, the Companys Board of Directors determined to initiate the delisting of the Companys ordinary shares from the Nasdaq Global Market.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including: market conditions; and other risks set forth in Quotients most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Quotient files with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Quotient disclaims any obligation to update these forward-looking statements because of new information, future events or circumstances or other factors.
- 2 -
Document and Entity Information |
Dec. 06, 2022 |
---|---|
Cover [Abstract] | |
Entity Registrant Name | Quotient Ltd |
Entity Tax Identification Number | 00-0000000 |
Amendment Flag | false |
Entity Central Index Key | 0001596946 |
Document Type | 8-K |
Document Period End Date | Dec. 06, 2022 |
Entity Incorporation State Country Code | Y9 |
Entity File Number | 001-36415 |
Entity Address, Address Line One | Business Park Terre Bonne |
Entity Address, Address Line Two | Route de Crassier 13 |
Entity Address, City or Town | 1262 Eysins |
Entity Address, Postal Zip Code | 1262 |
Entity Address, Country | CH |
City Area Code | 011-41-22 |
Local Phone Number | 716-9800 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Ordinary Shares, nil par value |
Trading Symbol | QTNT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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