0001683168-23-006328.txt : 20230907 0001683168-23-006328.hdr.sgml : 20230907 20230907160116 ACCESSION NUMBER: 0001683168-23-006328 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230831 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing FILED AS OF DATE: 20230907 DATE AS OF CHANGE: 20230907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Aclarion, Inc. CENTRAL INDEX KEY: 0001635077 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MEDICAL LABORATORIES [8071] IRS NUMBER: 473324725 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41358 FILM NUMBER: 231242213 BUSINESS ADDRESS: STREET 1: 8181 ARISTA PLACE STREET 2: STE 100 CITY: BROOMFIELD STATE: CO ZIP: 80021 BUSINESS PHONE: 833 275 2266 MAIL ADDRESS: STREET 1: 8181 ARISTA PLACE STREET 2: STE 100 CITY: BROOMFIELD STATE: CO ZIP: 80021 FORMER COMPANY: FORMER CONFORMED NAME: Nocimed, Inc. DATE OF NAME CHANGE: 20150226 8-K 1 acon_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 7, 2023 (August 31, 2023)

 

 

 

Aclarion, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware 001-41358 47-3324725
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

8181 Arista Place, Suite 100  
Broomfield, Colorado 80021
(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s telephone number, including area code: (833) 275-2266

 

Not Applicable

(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 of 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:

  Trading  
Title of each class Symbol(s) Name of each exchange on which registered
Common Stock ACON Nasdaq Stock Market
Common Stock Warrants ACONW Nasdaq Stock Market

 

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

 

Background

 

As previously disclosed, on March 3, 2023, Aclarion, Inc. (the “Company”) received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that it was not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on Nasdaq to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing (the “Stockholders’ Equity Requirement”).

 

On April 20, 2023, the Company received a letter (the “Extension Notice”) from Nasdaq notifying the Company that it had been granted a 180-day period, or until August 30, 2023, to regain compliance with the Stockholders’ Equity Requirement.

 

Separately, the Company is also not currently in compliance with Nasdaq Listing Rule 5550(a)(2), which requires that the Company maintain a bid price for the Company’s common stock of above $1.00 per share (the “Bid Price Requirement”). The Company remains subject to a grace period to regain compliance with the Bid Price Requirement through January 31, 2024.

 

Nasdaq Delisting Notice and Request for Listing Panel Hearing

 

On August 31, 2023, the Nasdaq staff notified the Company that it had not met the terms of the Extension Notice. Accordingly, the Nasdaq staff had determined to delist the Company’s common stock from Nasdaq, unless the Company timely requests an appeal of the staff’s determination to a hearings panel (the “Panel”), pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.

 

The Company has requested a hearing before the Panel to appeal the delisting notice from the staff. While the appeal process is pending, the suspension of trading of the Company’s common stock will be stayed. Our common stock will continue to trade on Nasdaq until the hearing process concludes and the Panel issues a written decision.

 

The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and remain listed on Nasdaq. There can be no assurance that a favorable decision will be obtained from the Panel.

 

If trading in the Company’s common stock is suspended on Nasdaq or the Company’s common stock is delisted by Nasdaq for any reason, it could negatively impact the Company as it would likely reduce the liquidity and market price of the Company’s common stock; reduce the number of investors willing to hold or acquire the Company’s common stock; negatively impact the Company’s ability to access equity markets and obtain financing; and impair the Company’s ability to provide equity incentives.

 

 

 

 

 

 2 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ACLARION, INC.
     
September 7, 2023 By: /s/ John Lorbiecki
  Name: John Lorbiecki
  Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 3 

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