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Item 1A. Risk Factors
There have been no material changes from the risk factors previously disclosed in Item 1A. Risk Factors of the Companys Annual Report on Form 10-K for the year ended December 31, 2024., except as follows.
We can provide no assurance that our common stock and warrants will continue to meet Nasdaq listing requirements. If we fail to comply with the continuing listing standards of Nasdaq, our securities could be delisted.
The continued listing of our common stock on The Nasdaq Capital Market (Nasdaq) is subject to our compliance with Nasdaqs continued listing standards, including requirements related to stockholders equity and the minimum bid price of our common stock. Under Nasdaq listing rules, we are required to maintain at least $2.5 million in stockholders equity, or meet alternative requirements relating to market value of listed securities or net income. In this Quarterly Report on Form 10-Q, as of June 30, 2025, we reported stockholders equity which is below the $2.5 million minimum.
In addition, under Nasdaq Listing Rule 5550(a)(2), our common stock is required to maintain a minimum bid price of at least $1.00 per share. Recently, the closing bid price of our common stock has fallen below $1.00 for 6 consecutive business days. If the bid price of our common stock remains below $1.00 for 30 consecutive business days, we may receive a deficiency notice from Nasdaq regarding this requirement.
If we fail to regain compliance with either of these listing requirements within the applicable cure periods, our common stock may be delisted from The Nasdaq Capital Market. Delisting could materially reduce the liquidity and market price of our common stock, impair the ability of our stockholders to sell or purchase shares, and adversely affect our access to capital markets. There can be no assurance that we will be able to regain or maintain compliance with Nasdaqs listing requirements.