Form 8-K - Current report
22 Settembre 2023 - 10:30PM
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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 18, 2023
SEQLL INC.
(Exact name of registrant as specified in charter)
Delaware |
|
001-40760 |
|
46-5319744 |
(State or other Jurisdiction of
Incorporation or Organization) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
3 Federal Street
Billerica, Massachusetts |
|
01821 |
(Address of Principal Executive Offices) |
|
(zip code) |
(781) 460-6016
(Registrant’s telephone
number, including area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of 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(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
☐ |
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, par value $.00001 per share |
|
SQL |
|
The Nasdaq Stock Market LLC |
Warrants to purchase Common Stock |
|
SQLLW |
|
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 reported, on
September 8, 2023, SeqLL Inc. (the “Company”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock
Market LLC (“Nasdaq”) regarding compliance with Nasdaq Listing Rule 5550(a)(4) (the “Rule”), which requires the
Company to have a minimum of 500,000 publicly held shares, exclusive of shares held by officers, directors and 10% stockholders. The letter
from Nasdaq indicated that according to its calculations, as of September 7, 2023, the Company no longer meets the requirements of the
Rule. On September 18, 2023, the Company received a letter from the Listing Qualifications Staff of Nasdaq that supplemented the letter
of September 8, 2023 and requested that the Company submit a letter to Nasdaq with its plan to regain compliance with the Rule by September
25, 2023.
This notice of noncompliance
has no immediate impact on the continued listing or trading of the Company’s securities on the Nasdaq Capital Market, which will
continue to be listed and traded on Nasdaq, subject to the Company’s compliance with the other Nasdaq continued listing requirements.
If Nasdaq does not accept the Company’s plan, Nasdaq will provide notice that the Company’s common stock will be subject to
delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel.
As previously disclosed,
in connection with the transactions contemplated by the Agreement and Plan of Reorganization dated as of May 29, 2023, as amended,
among the Company, SeqLL Merger LLC, Atlantic Acquisition Corp., Atlantic Merger LLC, Lyneer Investments, LLC, IDC Technologies,
Inc. and Lyneer Management Holdings LLC, the Company is obligated to declare and issue a stock dividend to the Company’s
pre-merger stockholders, which the Company believes will bring it into compliance with the Rule. The Company will continue to
monitor its compliance with Nasdaq’s listing standards and intends to take all reasonable measures available to regain
compliance.
Forward-Looking Statements
This report contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Words like “believe,” “intend,” “will,” and “would” or the negative
thereof or other variations thereon or comparable terminology, are used to identify forward-looking statements, although not all forward-looking
statements contain these words. Although the Company believes that it is basing its expectations and beliefs on reasonable assumptions
within the bounds of what is currently known about its business and operations, there can be no assurance that actual results will not
differ materially from what the Company expects or believes. Some of the factors that could cause the Company’s actual results to
differ materially from its expectations or beliefs are disclosed in the “Risk Factors” section, as well as other sections,
of its reports filed with the Securities and Exchange Commission, which include, without limitation, its ability to regain compliance
with the Nasdaq Listing Standards and maintain the listing of its securities on Nasdaq, and its ability to complete a public offering
of its securities. All forward-looking statements speak only as of the date on which they are made and the Company undertakes no duty
to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
|
Description |
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 duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: September 22, 2023 |
SEQLL INC. |
|
|
|
|
By: |
/s/ Daniel Jones |
|
Name: |
Daniel Jones |
|
Title: |
Chief Executive Officer |
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