Form 8-K - Current report
05 Junio 2024 - 3:30PM
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2024-06-03
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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): June
3, 2024
SPECTRAL
AI, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-40058 |
|
85-3987148 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
2515 McKinney Avenue, Suite 1000
Dallas, Texas |
|
75201 |
(Address of principal executive offices) |
|
(Zip Code) |
(972) 499-4934
(Registrant’s telephone number, including area
code)
Not Applicable
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communication 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-commencements 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 Symbols |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
MDAI |
|
The Nasdaq Stock Market LLC |
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock, at an exercise price of $11.50 per share |
|
MDAIW |
|
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 (§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 June 3, 2024,
Spectral AI, Inc. (the “Company”) received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”)
indicating that, based upon the closing bid price of the Company’s common stock, par value $0.0001 per share (“Common Stock”),
for the last 31 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum market
value of listed securities of $35,000,000 for continued listing on the Nasdaq, as set forth in Nasdaq Listing Rule 5550(b)(2) (the “Notice”).
The Notice has no
immediate effect on the continued listing status of the Company's Common Stock on The Nasdaq Global Market, and, therefore, the Company's
listing remains fully effective.
The Company is provided
a compliance period of 180 calendar days from the date of the Notice, or until December 2, 2024, to regain compliance with the market
value of listed securities requirement, pursuant to Nasdaq Listing Rule 5810(c)(3)(C). If at any time before December 2, 2024, the closing
market capitalization of the Company’s Common Stock closes at or above $35,000,000 for a minimum of 10 consecutive business days,
subject to Nasdaq’s discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(G) to 20 consecutive business days,
Nasdaq will provide written notification that the Company has achieved compliance with the minimum market capitalization requirement,
and the matter would be resolved. If the Company does not regain compliance during the review period ending December 2, 2024, then Nasdaq
may grant the Company a second 180 calendar day period to regain compliance, provided the Company meets the continued listing requirement
for all other initial listing standards for the Nasdaq, other than the minimum market value of listed securities requirement, and notifies
Nasdaq of its intent to cure the deficiency.
The Company will
continue to monitor the market value of its listed securities and seek to regain compliance with all applicable Nasdaq requirements within
the allotted compliance periods. If the Company does not regain compliance within the allotted review periods, including any extensions
that may be granted by Nasdaq, 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. There can be no assurance that the Company will regain compliance
with the market capitalization requirement during the 180-day compliance period, secure a second review period of 180 days to regain compliance
or maintain compliance with the other Nasdaq listing requirements.
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.
Dated: June 5, 2024
|
SPECTRAL AI, INC. |
|
|
|
By: |
/s/ Peter M. Carlson |
|
Name: |
Peter M. Carlson |
|
Title: |
Chief Executive Officer |
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|
Jun. 03, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jun. 03, 2024
|
Entity File Number |
001-40058
|
Entity Registrant Name |
SPECTRAL
AI, INC.
|
Entity Central Index Key |
0001833498
|
Entity Tax Identification Number |
85-3987148
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
2515 McKinney Avenue
|
Entity Address, Address Line Two |
Suite 1000
|
Entity Address, City or Town |
Dallas
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
75201
|
City Area Code |
(972)
|
Local Phone Number |
499-4934
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
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|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Entity Information, Former Legal or Registered Name |
Not Applicable
|
Common Stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
Trading Symbol |
MDAI
|
Security Exchange Name |
NASDAQ
|
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock, at an exercise price of $11.50 per share |
|
Title of 12(b) Security |
Redeemable Warrants, each whole warrant exercisable for one share of Common Stock, at an exercise price of $11.50 per share
|
Trading Symbol |
MDAIW
|
Security Exchange Name |
NASDAQ
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