Pressure BioSciences, Inc. filed SEC Form 8-K: Other Events
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Item 8.01 Other Events.
Pressure BioSciences, Inc. (the “Company”) wishes to inform its shareholders and potential shareholders regarding the sequence of events that have resulted in undesired delays in the Company’s ability to complete a timely filing of its Annual Report on Form 10-K for the period ending December 31, 2023 (the “Form 10-K”), as well as its Quarterly Report on Form 10-Q for the period ending March 31, 2024 (the “Form 10-Q”).
Two independent sequential serious weather events have caused major extended disruptions to power, transportation, communications and to the overall ability to work in Houston, Texas, where the Company’s independent public accounting firm is located. This disruption directly affected and delayed our ability to complete our Form 10-K filing in a timely manner; it was finally filed on June 7, 2024. On July 1, 2024, OTC Markets Group, Inc. (“OTC Markets”) granted the Company an extension to file its Form 10-Q by July 16, 2024. However, subsequent to receipt of the Form 10-Q filing extension, an additional independent weather event even more seriously crippled power, transportation, communications, and work team availability in Houston, and this has further delayed the Company’s completion of the processes and filing of the Form 10-Q.
As a result of not filing the Form 10-Q by July 16th, the Company will be listed on the OTC Expert Market effective July 17th.
The Company expects to complete the independent accounting firm review and the filing of its Form 10-Q within the next two weeks. Immediately after filing Form 10-Q, the Company has been advised that the Company’s market listing will be immediately upgraded to the OTC Pink Current Information Market. Immediately thereafter, the Company intends to apply for reinstatement to the OTCQB, which we anticipate would be approved timely thereafter.
Since we were first publicly listed in 1996, the Company has diligently and continuously completed its quarterly and annual independent accounting firm reviews and audits, and its regular filing of Forms 10-Q and 10-K with the Securities and Exchange Commission. We take this responsibility extremely seriously, and it is our continuous objective to maintain our listing on a stock market platform providing a high level of disclosure, transparency, and investor protection to facilitate confident accessibility to trading and liquidity for our valued investors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| PRESSURE BIOSCIENCES, INC. | ||
| Dated: July 17, 2024 | By: | /s/ Richard T. Schumacher |
| Richard T. Schumacher | ||
| President and Chief Executive Officer | ||