Current Report Filing (8-k)
April 11 2019 - 11:58AM
Edgar (US Regulatory)
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
31
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Date of Report (Date of Earliest Event Reported):
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April 8
,
201
9
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BroadVision, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
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Delaware
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00
1-34205
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94-3184303
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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460 Seaport Ct, Suite 102,
Redwood City, California
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94063
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrant's telephone number, including area code:
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(650) 331-1000
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______________________________________________
Former name or former address, if changed since last report
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:
[ ] 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))
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 of Standard; Transfer of Listing
.
On
April 8, 2019
,
BroadVision, Inc.
(the “Company”) received a letter (the “Letter”) from the Listin
g Qualifications Department of T
he
Nasdaq Stock Market (“
Nasdaq”) indicating that the Company no longer complies with the minimum stockholders’ equity requirement under
Nasdaq
Listing Rule
5550(
b)(
1) for continued listing on The
Nasdaq
Capital Market because the Company’s
stockholders’ equity of $1,401,000
as reported in the Company’s
Annual Report on Form 10-K
for the
year
ended
December 31
, 2018
is below the
required minimum of $2,500,000
, and as of
April 4, 2019
the Company does not meet the alternatives of market value of listed securities or net income from continuing operations.
In accordance with
the Nasdaq
Listing Rules, the Company has 45 calendar days, or until
May 23, 2019
, to submit a plan to regain compliance. If the Company’s plan is accepted,
Nasdaq may grant the Company an extension of up to 180 calendar days from the date of the
Letter
to evidence compliance.
If the Company’s plan to regain compliance with the minimum stockholders’ equity standard is not accepted or if it is accepted but the Company does not regain compliance by the end of the extension granted by
Nasdaq, or if the Company fails to satisfy another
Nasdaq requirement for continued listing,
Nasdaq staff could provide notice that the Company’s common shares will become subject to delisting. In such event,
Nasdaq rules permit the Company to appeal the decision to reject its proposed compliance plan or any delisting determination to a
Nasdaq
hearings p
anel. Accordingly, there can be no guarantee that the Company will be able to maintain its
Nasdaq listing.
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.
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BroadVision, Inc.
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April 9
, 201
9
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By:
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/s/ Pehong Chen
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Name: Pehong Chen
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Title:
President, Chief Executive Officer and Interim Chief Financial Officer
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