Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
On December 13, 2022, HyreCar, Inc. (the "Company") received a letter from the
Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that, based upon the Company's non-compliance
with the $35 million market value of listed securities requirement set forth in
Nasdaq Listing Rule 5550(b)(2) as of December 12, 2022, the Company's securities
will be suspended from trading on and delisted from The Nasdaq Capital Market at
the opening of business on December 22, 2022 unless the Company requests a
hearing before a Nasdaq Hearings Panel (the "Panel") to appeal Nasdaq's
delisting determination by 4:00 p.m. Eastern Time on December 20, 2022.
The Company plans to timely request a hearing before the Panel, which request
will stay any further suspension or delisting action by Nasdaq at least pending
completion of the hearing process and the expiration of any extension period
that may be granted by the Panel following the hearing. In accordance with the
Nasdaq Listing Rules, the Panel has the discretion to grant the Company an
extension through June 12, 2023. Notwithstanding, there can be no assurance that
the Panel will determine to continue the Company's listing or that the Company
will timely evidence compliance with the terms of any extension that may be
granted by the Panel following the hearing.
As previously disclosed, on June 14, 2022, Nasdaq notified the Company that,
based upon the Company's non-compliance with the $35 million market value of
listed securities requirement over the previous 30-consecutive business days,
and in accordance with the Nasdaq Listing Rules, the Staff granted the Company a
180-calendar day period to regain compliance. The Company did not regain
compliance by December 12, 2022, which resulted in the Staff's issuance of the
delisting determination.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K ("Form 8-K") contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. All
statements contained in this Form 8-K that do not relate to matters of
historical fact should be considered forward-looking statements, including, but
not limited to, statements regarding the Company's intent to request a hearing
before a Panel. The Company's actual results and the timing of events could
differ materially from those anticipated in such forward-looking statements as a
result of these risks and uncertainties, including the risk that the Company may
not be successful in its appeal to a Panel, the risk that the Company may not
otherwise meet the requirements for continued listing under the Nasdaq Listing
Rules, the risk that Nasdaq may not grant the Company relief from delisting if
necessary, and the risk that the Company may not ultimately meet applicable
Nasdaq requirements if any such relief is necessary, among other risks and
uncertainties. These and other important factors discussed under the caption
"Risk Factors" in the Company's Annual Report on Form 10-K for the year ended
December 31, 2021 filed with the U.S. Securities and Exchange Commission
("SEC"), as updated in the Company's Quarterly Reports on Form 10-Q, and the
Company's other filings with the SEC could cause actual results to differ
materially from those indicated by the forward-looking statements made in
this Form 8-K. Any forward-looking statements speak only as of the date of
this Form 8-K and are based on information available to the Company as of the
date of this Form 8-K, and the Company assumes no obligation to, and does not
intend to, update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
104 Cover Page Interactive Data File (embedded within Inline XBRL
document).
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