Item 1.03. Bankruptcy or Receivership.
On
The Company cannot be certain that holders of the Company's common stock or warrants will receive any payment or other distribution on account of those shares in the Cases.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
The Notice states that the Company has until
Cautionary Information Regarding Trading in the Company's Securities
The Company continues to face certain risks and uncertainties that have been affecting its business and operations, and these risks and uncertainties may affect the Company's ability to enter into a sale transaction and could impact the outcome of the Cases. Holders of the Company's equity securities will likely be entitled to little or no recovery on their investment following the Cases, and recoveries to other stakeholders cannot be determined at this time. The Company cautions that trading in the Company's securities given the pendency of the Cases is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual value realized, if any, by holders of the Company's securities in the Cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
1
Cautionary Note Regarding Forward-Looking Statements
This document includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Chapter 11 process and the Cases, the Company's intention to continue operations during the Chapter 11 process, the Company's future prospects and potential strategic alternatives, including a potential sale of the Company's assets in connection with the Chapter 11 process, and the Company's ability to maintain a listing on Nasdaq. The Company's actual results or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements. These statements are based on various assumptions and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are beyond the
control of the Company. These forward-looking statements are subject to a number
of risks and uncertainties, including risks associated with the potential
adverse impact of the Bankruptcy Filings on the Company's liquidity and results
of operations; changes in the Company's ability to meet its financial
obligations during the Chapter 11 process and to maintain contracts that are
critical to its operations; the outcome and timing of the Chapter 11 process and
any potential asset sale, including the risk that no purchaser of the Company's
assets emerges; the effect of the Bankruptcy Filings and any potential asset
sale on the Company's relationships with vendors, regulatory authorities,
employees and other third parties; possible proceedings that may be brought by
third parties in connection with the Chapter 11 process or any potential asset
sale; uncertainty regarding obtaining Court approval of a sale of the Company's
assets or other conditions to any potential asset sale; the timing or amount of
any distributions, if any, to the Company's stakeholders; and the possibility
that Nasdaq may delist the Company's securities; and those factors discussed in
the Company's annual report on Form 10-K filed with the
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
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