secwatch.observer — SEC 8-K summary
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Issuer:     SEP Acquisition Corp. (—)
CIK:        0001849902
Form:       8-K
Filed at:   2023-10-03T23:59:59+00:00
Accession:  0001753926-23-001288
Event type: regulatory
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 3.01, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SEP Acquisition receives Nasdaq delisting notice for MVLS deficiency; Sponsor converts shares to regain compliance
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- Nasdaq notified SEP on Sept 27, 2023 it failed to meet $35M MVLS requirement after 180-day grace period.
- Company intends to appeal delisting; hearing request stays suspension pending Panel decision.
- Sponsor converted 2,415,375 Class B shares into Class A shares on Oct 3 to boost MVLS above $35M.
- Sponsor agreed to forfeit 1,746,316 Class A shares contingent on closing of SANUWAVE merger to maintain deal economics.
- Class B charter amendment approved changing conversion ratio from 1:1 to 1:0.277, effective Oct 3.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1849902/000175392623001288/0001753926-23-001288-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1849902/000175392623001288/g083776_8k.htm
  HTML page:      https://secwatch.observer/filing/0001753926-23-001288

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