Announcement • Aug 16
ThermoGenesis Holdings, Inc. announced delayed 10-Q filing On 08/15/2024, ThermoGenesis Holdings, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jul 12
ThermoGenesis Holdings, Inc. Receives A Notice of Default from Boyalife Group (USA), Inc On July 9, 2024, ThermoGenesis Holdings, Inc. received a notice of default from Boyalife Group (USA), Inc. ("the Lender") under the First Amended and Restated Revolving Credit Agreement, dated April 16, 2018, between the Company and Lender, as amended (the Credit Agreement), and under the Second Amended and Restated Convertible Promissory Note, dated March 4, 2022, as amended, issued by the Company to the Lender under the Credit Agreement ("the Note"). The Default Notice states and declares that a default occurred under the Credit Agreement and Note as of July 9, 2024, for failure to make a required interest payment and declares the entire balance of the Note to be immediately due and payable. The Note is secured by the Company’s shares in its ThermoGenesis Corp. subsidiary. The Default Notice also states that if the entire outstanding balance of the Note including accrued interest, which is $3,441,000 as of July 1, 2024, is not paid in full to the Lender on or before July 11, 2024, the Lender elects to take all equity of the collateral assets, TG Corp. without any further consent action from the Company. The Company will not have the ability to pay the Note in full by July 11, 2024, and anticipates that the Lender will elect to exercise its rights under the Note. Announcement • Jun 13
ThermoGenesis Holdings Receives Notice from Nasdaq Due to Non-Compliance with Minimum of $2.5 Million in Stockholders’ Equity for Continued Listing Under Nasdaq’s Listing Rule 5550(b)(1) As previously disclosed, on April 19, 2024, ThermoGenesis Holdings, Inc. (the ‘Company’) received a notice (the ‘Nasdaq Notice’) from The Nasdaq Stock Market (‘Nasdaq’) that the Company’s stockholders’ equity as reported on its Form 10-K for the year ended December 31, 2023, does not comply with Nasdaq’s Listing Rule 5550(b)(1) that requires the Company to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing. Additionally, as of the date of the report, the Company did not meet the alternatives of market value of listed securities or net income from continuing operations under Nasdaq Listing Rules. On June 6, 2024, the Company received an additional notice (the ‘Determination Notice’) from Nasdaq’s Staff (the ‘Staff’) notifying the Company that the Staff denied the Company’s request for continued listing on Nasdaq as they determined that the Company did not provide a definitive plan evidencing its ability to achieve near term compliance with the continued listing requirements or sustain the compliance over an extended period of time. The Determination Notice stated that trading of the Company’s common stock will be suspended at the opening of business on June 17, 2024 (the ‘Nasdaq Delisting Date’), and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from being listed on Nasdaq. The Determination Letter informed the Company that it may appeal the Staff’s decision to a Hearings Panel. The Company may request either an oral hearing or a hearing based on written submissions for a fee of $20,000. If the Company chooses to appeal, the request must be received by Nasdaq no later than 4:00 p.m. Eastern Time on June 13, 2024. The Company is reviewing its options, but currently does not intend to appeal. If the Company doesn’t appeal, its common stock is expected to begin trading on the Over-the-Counter Market (‘OTC’) after the Nasdaq Delisting Date and obtaining approval from FINRA. However, there are no assurances that trading of the Company’s common stock on the OTC will commence promptly, or at all, or will be maintained. Announcement • Apr 25
ThermoGenesis Holdings Receives Notice from Nasdaq Regarding Non-Compliance with Nasdaq’s Listing Rule 5550(b)(1) On April 19, 2024, ThermoGenesis Holdings, Inc. (the ‘Company’) received a notice (the ‘Nasdaq Notice’) from The Nasdaq Stock Market (‘Nasdaq’) that the Company does not presently comply with Nasdaq’s Listing Rule 5550(b)(1) that requires the Company to maintain a minimum of $2,500,000 in stockholders’ equity for continued listing. Additionally, as of the date of this report, the Company does not meet the alternatives of market value of listed securities or net income from continuing operations under Nasdaq Listing Rules. The Nasdaq Notice does not have any immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market and the Company has 45 calendar days from the date of the Nasdaq Notice to submit a plan to Nasdaq to regain compliance with Nasdaq’s continued listing rules. If the Company’s plan is accepted, Nasdaq can grant the Company an extension of up to 180 calendar days from the date of the Nasdaq Notice for the Company to evidence compliance with its plan and with the relevant Nasdaq continued listing rules. In connection with the Company’s plan, once submitted, Nasdaq staff will consider such things as the likelihood that the plan will result in compliance with Nasdaq’s continued listing criteria, the Company’s past compliance history, the reasons for the Company’s current non-compliance, other corporate events that may occur during staff’s review period, the Company’s overall financial condition, and the Company’s public disclosures. If, in the staff’s consideration of the Company’s plan, the staff were to determine that the Company would not be able to cure the deficiency, then Nasdaq would provide notice that the Company’s common stock would be subject to delisting. Upon such a notice, the Company would have the right to appeal that determination and the Company’s common stock would continue to remain listed on the Nasdaq Capital Market until the completion of the appeal process. The Company is considering various actions that it may take in response to the Nasdaq Notice in order to provide to Nasdaq the required plan to regain compliance with the continued listing requirements, but the Company has not currently completed its internal analysis regarding the items to be included in its plan to be submitted to Nasdaq staff. New Risk • Feb 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (202% increase in shares outstanding). Market cap is less than US$10m (US$2.15m market cap). Announcement • Jan 10
ThermoGenesis Holdings Receives Letter from The Nasdaq Stock Market Regarding Non-Compliance with the Minimum Bid Price Requirement for Continued Listing on the Nasdaq Capital Market On January 8, 2024, ThermoGenesis Holdings, Inc. (the ‘Company’) received a letter (the ‘Notice’) from The Nasdaq Stock Market (‘Nasdaq’) notifying the company that, because the closing bid price for its common stock has been below $1.00 per share for 30 consecutive business days, it no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share (the ‘Minimum Bid Price Requirement’), and Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice provides the Company with a compliance period of 180 calendar days, or until July 8, 2024, to regain compliance with the Minimum Bid Price Requirement. If at any time during this 180-day compliance period the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of ten consecutive business days, then Nasdaq will provide the Company with written confirmation of compliance and the matter will be closed. If compliance cannot be demonstrated by July 8, 2024, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards on the Nasdaq Capital Market (except the bid price requirement). In addition, the Company would be required to provide written notice of its intention to cure the minimum bid price deficiency during this second 180-day compliance period by effecting a reverse stock split, if necessary. The Notice states that, if the Company meets these standards, then the Company may be eligible to have an additional 180-calendar day compliance period. If the Company is not granted an additional 180-day compliance period, then Nasdaq will provide written notification that the Company’s securities will be subject to delisting. At that time, the Company may appeal the determination to delist its securities to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement or otherwise maintain compliance with the other listing requirements. 