Summary by Futu AI
Cingulate Inc., a company listed on the Nasdaq Capital Market, has reported a series of compliance efforts with Nasdaq's listing rules in a recent Form 8-K filing dated May 13, 2024. The company had previously fallen out of compliance with the Nasdaq's minimum stockholders' equity requirement of $2.5 million. In response, Cingulate submitted a compliance plan on June 30, 2023, and was granted an extension until November 13, 2023, to meet the requirement, which included raising additional capital. Despite these efforts, Nasdaq notified the company of a potential delisting due to non-compliance. A hearing with the Nasdaq Hearings Panel took place on February 13, 2024, after which the company appointed three independent board members on February 12, 2024, regaining compliance with Nasdaq's board composition requirements. The Panel also granted Cingulate an exception to demonstrate continued compliance with the stockholders' equity requirement through May 13, 2024. As of the filing date, Cingulate believes it has met the stockholders' equity threshold. However, the company acknowledges that until Nasdaq confirms full compliance, the risk of delisting remains.