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8-K: Current report

SEC announcement ·  Aug 6 04:33
Summary by Futu AI
AgriFORCE Growing Systems, Ltd. has reported a critical update in a Form 8-K filed with the Securities and Exchange Commission. On June 24, 2024, the company received a Staff Listing Determination Letter from Nasdaq, indicating that its common shares had not met the minimum bid price requirement, closing at $0.10 or less for ten consecutive trading days from June 6, 2024, to June 21, 2024. To address this, Nasdaq has provided AgriFORCE with a compliance plan that includes obtaining board approval for a reverse stock split by August 1, 2024, which the company has achieved. Additionally, shareholder approval for the reverse stock split must be secured by September 30, 2024, followed by the actual reverse stock split by October 9, 2024. The company must then maintain a closing bid price of at least $1 for ten consecutive business days and demonstrate compliance with the Bid Price Rule by October 22, 2024. The company's management has included forward-looking statements in the filing, reflecting their current expectations for future events, which are subject to various risks and uncertainties.
AgriFORCE Growing Systems, Ltd. has reported a critical update in a Form 8-K filed with the Securities and Exchange Commission. On June 24, 2024, the company received a Staff Listing Determination Letter from Nasdaq, indicating that its common shares had not met the minimum bid price requirement, closing at $0.10 or less for ten consecutive trading days from June 6, 2024, to June 21, 2024. To address this, Nasdaq has provided AgriFORCE with a compliance plan that includes obtaining board approval for a reverse stock split by August 1, 2024, which the company has achieved. Additionally, shareholder approval for the reverse stock split must be secured by September 30, 2024, followed by the actual reverse stock split by October 9, 2024. The company must then maintain a closing bid price of at least $1 for ten consecutive business days and demonstrate compliance with the Bid Price Rule by October 22, 2024. The company's management has included forward-looking statements in the filing, reflecting their current expectations for future events, which are subject to various risks and uncertainties.
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