TRxADE HEALTH Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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Item 8.01. Other Events.
On July 29, 2022, TRxADE Health, Inc. (the “Company”) received a letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with the minimum $2,500,000 stockholders’ equity requirement for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(1) (the “Rule”). The Company subsequently regained compliance with the Rule and has been subject to a mandatory “Panel Monitor” pursuant to Nasdaq Listing Rule 5815(d)(4) to monitor the Company’s ongoing compliance with the Rule through August 30, 2024.
On May 15, 2024, the Company filed with the Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 reporting that it required additional time to complete its Quarterly Report on Form 10-Q for the period ending March 31, 2024 (the “Form 10-Q”). The Company has been unable to file its Form 10-Q and additional time is still needed for the Company to complete the Form 10-Q. While the Company can provide no assurances as to timing, the Company is working diligently and plans to file the Form 10-Q as soon as practicable to regain compliance with Nasdaq Listing Rule 5250(c)(1) which requires listed companies to timely submit periodic financial reports with the Securities and Exchange Commission.
As previously reported, during the period ending March 31, 2024, the Company received proceeds from the sale of substantially all of the assets of Trxade, Inc. Based on the Company’s preliminary financial and operational results as of March 31, 2024, as a result of the proceeds from the Trxade, Inc. transaction, together with other assets on the Company’s balance sheet, as of March 31, 2024 (and as of the date of this Current Report on Form 8-K), the Company believes its stockholders’ equity exceeds $2,500,000 and that it is in compliance with the minimum $2,500,000 stockholders’ equity requirement for continued listing on The Nasdaq Capital Market.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Description | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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.
| TRxADE HEALTH, INC. | ||
| By: | /s/ Surendra Ajjarapu | |
| Surendra Ajjarapu | ||
| Chief Executive Officer | ||
| Date: May 23, 2024 | ||