Form 8-K - Current report
04 Gennaio 2024 - 11:00PM
Edgar (US Regulatory)
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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): January 2, 2024
INTELLIGENT
BIO SOLUTIONS INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-39825 |
|
82-1512711 |
(State
of Incorporation) |
|
(Commission
File Number) |
|
(IRS employer
identification no.) |
142
West, 57th Street, 11th
Floor
New
York, NY 10019
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (646) 828-8258
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 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:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.01 par value |
|
INBS |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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.
As
previously disclosed in the Current Report on Form 8-K filed by Intelligent Bio Solutions Inc. (the “Company”) on November
17, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
on November 16, 2023 (the “November Letter”), regarding its non-compliance with the minimum stockholders’ equity requirement
for continued listing on the Nasdaq Capital Market. The letter notified the Company that its stockholders’ equity, reported at
$1,236,558 in the Quarterly Report on Form 10-Q for the period ending September 30, 2023, did not meet the Nasdaq Capital Market’s
minimum stockholders’ equity requirement of $2,500,000 for continued listing as per Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’
Equity Requirement”). Nasdaq gave the Company until January 2, 2024, to submit a plan to regain compliance with the minimum stockholders’
equity requirement under Nasdaq Listing Rule 5550(b)(1).
On
December 15, 2023, the Company submitted a compliance plan to Nasdaq that included a pro forma balance sheet as of October 31, 2023 (the
“Balance Sheet”). The Balance Sheet showed that the Company’s stockholders’ equity as of October 31, 2023, was
$4,240,629, which was primarily the result of the of a public offering of the Company’s securities that closed on October 4, 2023.
The Balance Sheet was also attached to a Current Report on Form 8-K filed by the Company on December 18, 2023 (the “December 8-K”).
On
January 2, 2024, the Company received a letter from Nasdaq (the “January Letter”) stating that
based on the December 8-K, the Staff had determined that the Company complies with the Listing Rule 5550(b)(1), but that if the Company
fails to evidence compliance upon filing its Form 10-Q for the period ended December 31, 2023, the Company may be subject to delisting.
The January Letter also noted, as did the November Letter, that as of November 15, 2023, the Company did not meet either alternative
to the Stockholders’ Equity Requirement, which alternatives require either a $35 million market value of listed securities or $500,000
of net income from continuing operations, as set forth in Listing Rules 5550(b)(2) or 5550(b)(3), respectively.
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.
Date:
January 4, 2024 |
|
|
|
INTELLIGENT
BIO SOLUTIONS INC. |
|
|
|
By:
|
/s/
Spiro Sakiris |
|
Name:
|
Spiro
Sakiris |
|
Title: |
Chief
Financial Officer |
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Document Period End Date |
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|
Entity File Number |
001-39825
|
Entity Registrant Name |
INTELLIGENT
BIO SOLUTIONS INC.
|
Entity Central Index Key |
0001725430
|
Entity Tax Identification Number |
82-1512711
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
142
West, 57th Street,
|
Entity Address, Address Line Two |
11th
Floor
|
Entity Address, City or Town |
New
York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10019
|
City Area Code |
(646)
|
Local Phone Number |
828-8258
|
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Title of 12(b) Security |
Common
Stock, $0.01 par value
|
Trading Symbol |
INBS
|
Security Exchange Name |
NASDAQ
|
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