Form 8-K - Current report
February 23 2024 - 4:30PM
Edgar (US Regulatory)
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0001865127
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2024-02-16
2024-02-16
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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):
February 16, 2024
LUCY SCIENTIFIC DISCOVERY, INC. |
(Exact name of registrant as specified in its charter) |
British Columbia, Canada |
|
001-41616 |
|
98-1776120 |
(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 February 16, 2024, Lucy
Scientific Discovery, Inc. (the “Company”) received a letter (the “Letter”) from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company’s stockholders’ equity as reported
in its Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2023 (the “Form 10-Q”), did not satisfy
the continued listing requirement under Nasdaq Listing Rule 5550(b)(1), which requires that a listed company’s stockholders’
equity be at least $2.5 million (the “Minimum Stockholders’ Equity Requirement”). As reported in its Form 10-Q,
the Company’s stockholders’ equity as of December 31, 2023, was approximately $81,158. In addition, the Company did not meet
the alternatives of market value of listed securities or net income from continuing operations as of the date of the Letter.
In accordance with the Nasdaq Listing Rules, the Company has 45 calendar
days, or until April 1, 2024, to submit a plan to regain compliance with the Minimum Stockholders’ Equity Requirement. If the Company’s
plan is accepted, the Nasdaq Listing Qualifications Staff (the “Staff”) can grant an extension of up to 180 calendar
days from the date of the Letter, or until August 14, 2024, for the Company to evidence compliance. If the Company’s plan to regain
compliance is not accepted, the Company will have an opportunity to appeal the decision pursuant to Nasdaq Listing Rule 5815(a); however,
there can be no assurance that such appeal would be successful.
As previously disclosed, on September 21, 2023, the Listing Qualifications
Department of the Nasdaq notified the Company that the bid price of its shares of common stock, no par value per share (the “Common
Stock”) had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, the Company
did not comply with Listing Rule 5550(a)(2) and, in accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar
days, or until March 19, 2024, to regain compliance with Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”). As
recently disclosed in a press release, the Company will be effecting a 1-for-10 reverse stock split, effective February 26, 2024. The
Company expects the reverse stock split to result in the Company regaining compliance with the Minimum Bid Price Rule.
The Letter 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.
There
can be no assurance that the Company will be able to satisfy the Nasdaq’s continued listing requirements, regain compliance with
the Minimum Stockholders’ Equity Requirement, or maintain compliance with 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: February 23, 2024
Lucy Scientific Discovery, Inc. |
|
|
|
/s/ Richard Nanula |
|
Richard Nanula |
|
Chief Executive Officer & Executive Chairman |
|
2
v3.24.0.1
Cover
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Feb. 16, 2024 |
Cover [Abstract] |
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Document Type |
8-K
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Amendment Flag |
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Document Period End Date |
Feb. 16, 2024
|
Entity File Number |
001-41616
|
Entity Registrant Name |
LUCY SCIENTIFIC DISCOVERY, INC.
|
Entity Central Index Key |
0001865127
|
Entity Tax Identification Number |
98-1776120
|
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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