Item 2.05. Costs associated with eviction or disposal activities.
upon January 14, 2023Board of Directors (“Board of Directors”) Vibe Medical Co., Ltd. (the “Company”) has approved a reduction in the Company’s workforce.Our company is about $25,000 The first quarter of 2023 is expected to consist of medical and benefits-related costs and expenses related to headcount reductions. Our management will continue to reassess the estimated costs and expenses described above and may revise our restructuring charge estimates as necessary consistent with generally accepted accounting principles.
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, November 29, 2022the Company has received notice from the Listing Qualification Staff (“Staff”) Nasdaq Stock Market LLC
(“Nasdaq”) Pursuant to Nasdaq Listing Rules 5550(a)(2) (“Bid Price Rules”) and 5550(b)(1) (“Equity Rules”), the Company Our securities were subject to delisting unless the Company requested a timely hearing prior to bidding. NASDAQ Hearing Panel (panel”).
upon December 5, 2022, the Company requested a hearing before the Panel, which temporarily suspended the trading suspension and delisting of the Company’s common stock.When is the hearing scheduled? January 19, 2023.
As set forth in Item 8.01 of this present report on Form 8-K (including Exhibit 99.1), as a result of the Company’s business prospects following the Company’s PURSUIT clinical trial, the Company will comply with the Bid Pricing Rules. unable to present a plan for recovery. Fairness Rules for Panels at Hearings. Accordingly, NASDAQ will delist the Company by filing a Form 25 delisting notice. Securities and Exchange CommissionThe Company plans to file Form 15 after the delisting takes effect. Securities and Exchange Commission Suspend reporting requirements under the Securities Exchange Act of 1934, as amended.
Item 8.01. Other Events.
upon January 17, 2023the company issued a press release titled “Viveve Announces Topline Results from Pivotal” we PURSUIT Trial to Treat Stress Urinary Incontinence in Women” A press release announced that the company’s PURSUIT clinical trial did not meet its primary endpoint and several secondary endpoints. This includes selling any of our business or assets or winding down our business. The contents of Sections 2.05 and 3.01 of this current report on Form 8-K are incorporated herein by reference. We will provide further information when available.
A copy of our press release is filed here as Exhibit 99.1 of this latest report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Materials.
99.1 Press Release issued by the Company
on January 17, 2023.
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