9 METERS BIOPHARMA, INC.: Nasdaq/NYSE listing notice — 9 Meters Biopharma receives Nasdaq deficiency notice for low equity; faces note default

9 METERS BIOPHARMA, INC.

March 31, 2023 Nasdaq letter for non-compliance with Rule 5550(b)(1) requiring $2.5M minimum stockholders' equity.
Reported stockholders' equity of $2,400,543 in Form 10-K for period ended December 31, 2023.
Non-compliance triggers default under $4,949,522 convertible note; holder can demand 115% of principal.
Company negotiating waiver; no immediate acceleration expected from the institutional investor.
Company has 45 days to submit compliance plan; if accepted, up to 180-day extension to regain compliance.

item 1.01 item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

9 METERS BIOPHARMA, INC. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

March 31, 2023, the Company received a letter from Nasdaq indicating that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires companies listed on The Nasdaq Stock Market to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing. In its annual report on Form 10-K for the period ended December 31, 2023, the Company reported stockholders’ equity of $2,400,543, and, as a result, does not currently satisfy Listing Rule 5550(b)(1). Nasdaq’s letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and

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Source: SEC EDGAR

accession 0001551986-23-000024

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