Caller: "... Are you on schedule to
meet the..NYSE-compliant deadline..by July 28?"
Erika: " ... expectations are that
we will indeed ... regain compliance with NYSE by the end of the
There are only a couple of ways that this goal can be met. One is to get stockholders' equity above $6,000,000. The 8-K just filed shows, as of 12/31/2022, stockholders' equity of ($8,435,828). That's a $14M+ difference. Importantly, SE is not increased by debt financing, although if any current debt is converted to stock then that would help. It would also help if the company receives a $10M earnout payment (even if discounted for acceleration) from CAH before July 28. And/or a lot of stock will need to be sold.
The other way to regain compliance (actually to abate enforcement of the SE requirement) is for the SP to increase to $0.65. That's up to the market. Financing of any type can help here along with some genuinely good news, both are seen as reducing risk of failure. This is all outside my wheelhouse of legal research but my bet has been on a pps of $0.65 by 07/28/23.