Form 8-K - Current report
September 27 2023 - 4:15PM
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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):
September 21, 2023
LUCY SCIENTIFIC DISCOVERY, INC. |
(Exact name of registrant as specified in its charter) |
British Columbia, Canada |
|
001-41616 |
|
Not Applicable |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
301-1321 Blanshard Street
Victoria, British Columbia, Canada V8W 086
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code: (778) 410-5195
Not Applicable
(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 (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 12(b) of the
Act:
Title of class |
|
Trading symbol |
|
Name of exchange on which registered |
Common Shares, no par value |
|
LSDI |
|
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 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
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 of Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On September 21, 2023, Lucy
Scientific Discovery, Inc. (the “Company”) received a deficiency letter (the “Notice”) from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon the closing bid price of the Company’s
common stock, no par value per share (the “Common Stock”), for the last 30 consecutive business days, the Company is not currently
in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market,
as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”).
The Notice has no immediate
effect on the continued listing status of the Common Stock on The Nasdaq Capital Market, and, therefore, the Company's listing remains
fully effective.
In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company is provided a compliance period of 180 calendar days from the date of the Notice, or until March
19, 2024, to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of the Common Stock must
meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to March 19, 2024.
If the Company is not in compliance
with the Minimum Bid Requirement by March 19, 2024, the Company may be afforded a second 180 calendar day compliance period. To qualify
for this additional compliance period, 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.
The Company will continue
to monitor the closing bid price of its Common Stock and seek to regain compliance with all applicable Nasdaq requirements within the
allotted compliance period. If the Company does not regain compliance within the allotted compliance period, including any extensions
that may be granted by Nasdaq, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Company would then be
entitled to appeal that determination to a Nasdaq hearings panel.
The Company intends to actively
monitor the closing bid price of the Common Stock and will evaluate available options to regain compliance with the Minimum Bid Requirement.
However, there can be no assurance that the Company will regain compliance with the Minimum Bid Requirement during the 180 day compliance
period, secure a second period of 180 days to regain compliance, or maintain compliance with the other Nasdaq listing requirements.
If the Common Stock ceases
to be listed for trading on The Nasdaq Capital Market, the Company would expect that the Common Stock would be traded on one of the three
tiered marketplaces of the OTC Markets Group.
Item 9.01. Exhibits.
(d) Exhibits
Exhibit Number |
|
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, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 27, 2023
Lucy Scientific Discovery, Inc. |
|
|
|
/s/ Richard Nanula |
|
Richard Nanula |
|
Chief Executive Officer & Executive Chairman |
|
2
v3.23.3
Cover
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Sep. 21, 2023 |
Cover [Abstract] |
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Document Type |
8-K
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Amendment Flag |
false
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Document Period End Date |
Sep. 21, 2023
|
Entity File Number |
001-41616
|
Entity Registrant Name |
LUCY SCIENTIFIC DISCOVERY, INC.
|
Entity Central Index Key |
0001865127
|
Entity Tax Identification Number |
00-0000000
|
Entity Incorporation, State or Country Code |
A1
|
Entity Address, Address Line One |
301-1321 Blanshard Street
|
Entity Address, Address Line Two |
Victoria
|
Entity Address, City or Town |
British Columbia
|
Entity Address, Country |
CA
|
Entity Address, Postal Zip Code |
V8W 086
|
City Area Code |
778
|
Local Phone Number |
410-5195
|
Written Communications |
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Soliciting Material |
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Pre-commencement Tender Offer |
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|
Pre-commencement Issuer Tender Offer |
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Title of 12(b) Security |
Common Shares, no par value
|
Trading Symbol |
LSDI
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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