Form 8-K - Current report
06 Octubre 2023 - 3:05PM
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2023-10-04
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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): October 4, 2023
Forza
X1, Inc.
(Exact name of registrant
as specified in its charter)
Delaware |
|
001-40623 |
|
27-1417610 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
3101 S. US-1
Ft. Pierce, Florida 34982
(Address
of principal executive offices)
(772) 429-2525
(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 the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ |
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, par value $0.001 per share |
|
FRZA |
|
The Nasdaq Stock Market LLC (Nasdaq Capital 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.
On October 4, 2023, Forza X1,
Inc. (the “Company”) received written notice from the Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”) notifying the Company that for the preceding 30 consecutive business days (August 22, 2023 through October
3, 2023), the Company’s common stock did not maintain a minimum closing bid price of $1.00 (“Minimum Bid Price Requirement”)
per share as required by Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect on the listing or trading of the Company’s
common stock and the common stock will continue to trade on The Nasdaq Capital Market under the symbol “FRZA.”
In accordance with Nasdaq Listing
Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until April 1, 2024, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). Compliance may be achieved automatically and without further action if the closing bid price of
the Company’s common stock is at or above $1.00 for a minimum of ten consecutive business days at any time during the 180-day
compliance period, in which case Nasdaq will notify the Company of its compliance and the matter will be closed.
If, however, the Company does
not achieve compliance with the Minimum Bid Price Requirement by April 1, 2024, the Company may be eligible for additional time
to comply. In order to be eligible for such additional time, the Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception
of the Minimum Bid Price Requirement, and must notify Nasdaq in writing of its intention to cure the deficiency during the second
compliance period.
The Company intends to actively
monitor the bid price of its common stock and will consider available options to regain compliance with the Nasdaq listing requirements,
including such actions as effecting a reverse stock split to maintain its Nasdaq listing.
Item 9.01. Financial Statements
and Exhibits.
(d) Exhibits.
Exhibit Number |
|
Exhibit 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, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: October 6, 2023 |
FORZA X1, INC. (Registrant) |
|
|
|
By: |
/s/ Jim Leffew |
|
Name: |
Jim Leffew |
|
Title: |
Chief Executive Officer |
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Forza X1 (NASDAQ:FRZA)
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