v3.25.1
Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS
Nasdaq Listing
The Company has not been in compliance with the requirement in Nasdaq Listing Rule 5550(b) for continued listing on The Nasdaq Capital Market since August 2024. On March 25, 2025, the Company presented its multi-step plan for regaining compliance to the Nasdaq Hearing Panel, or the Panel. On April 9, 2025, the Company received a letter from Nasdaq informing it that the Panel determined to grant its request for an extension until August 12, 2025 to demonstrate compliance with Nasdaq Listing Rule 5550(b) by demonstrating compliance with either Nasdaq Listing Rule 5550(b)(1) or 5550(b)(2). Nasdaq Listing Rule 5550(b)(1) requires a company to maintain stockholders’ equity of at least $2.5 million (the "Stockholders’ Equity Rule"), and Nasdaq Listing Rule 5550(b)(2) requires a company to maintain a minimum market value of listed securities of $35.0 million (the “Minimum MVLS Rule”). A company will satisfy the continued listing requirement under Nasdaq Listing Rule 5550(b) if it meets either the Stockholders’ Equity Rule or the Minimum MVLS Rule. On April 29, 2025, the Company submitted a modified multi-step plan for regaining compliance to the Panel (the “Plan”), which the Panel approved. The Company's Plan includes, among other things, increasing its stockholders’ equity by May 31, 2025 and increasing it further by July 15, 2025. The Panel’s determination to grant the Company's request for an extension is subject to certain conditions, including, among others, that the Company make progress in executing against its Plan by the dates specified in its Plan and that on or before August 12, 2025 (a) the Company publicly discloses transactions it undertook to increase its stockholders’ equity and provide an indication of its stockholders’ equity following such transactions, and (b) the Company provide the Panel with an update on its fundraising plans and income projections for the next 12 months. The Company intends to publicly disclose or provide, as the case may be, the information required by the Panel’s determination within the timeframe required thereby. While the Company is actively pursuing a range of initiatives aimed at executing against its Plan, no assurances can be given that it will be successful in doing so or that the Company will satisfy either the Stockholders’ Equity Rule or the Minimum MVLS Rule by August 12, 2025. If the Company fails to execute on its Plan to the Panel’s satisfaction and remains non-compliant with Nasdaq’s continued listing requirements, the Panel may take action to delist the Company's common stock before August 12, 2025, even though the Panel granted the Company conditional continued listing until August 12, 2025. As is customary, the Panel also reserved the right to reconsider the terms of the extension it granted based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of our common stock inadvisable or unwarranted.