Jun. 23 at 12:16 PM
$SKYE new 8-K out today, worth reading carefully because it's not the PIPE everyone was waiting for and it's not a delisting either.
Nasdaq approved SKYE's transfer from the Nasdaq Global Market to the Nasdaq Capital Market effective June 23. The Capital Market only requires
$3M stockholders' equity instead of the
$10M that triggered the deficiency, and with equity around
$9M they're now comfortably compliant. Same ticker, same exchange, no forced ETF selling.
Basically they solved the equity problem without diluting, they lowered the bar instead of issuing emergency shares at a low price. Two things still open, the sub-
$1 bid price with the September deadline so a reverse split is still possible, and the cash side. But the June 29 pressure is off the table now, they bought themselves time to raise capital from a less desperate position or to close a deal without having to dilute first 🤞🏻
