Form 8-K - Current report
13 Oktober 2023 - 11:00PM
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF THE
SECURITIES EXCHANGE
ACT OF 1934
Date of Report (Date of
earliest event reported): October 11, 2023
180 LIFE SCIENCES CORP.
(Exact Name of Registrant
as Specified in Charter)
Delaware |
|
001-38105 |
|
90-1890354 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
3000 El Camino Real, Bldg. 4, Suite 200
Palo Alto, CA |
|
94306 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s telephone
number, including area code: (650)
507-0669
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
ATNF |
|
The NASDAQ Stock Market LLC |
Warrants to purchase shares of Common Stock |
|
ATNFW |
|
The NASDAQ Stock Market LLC |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On
October 11, 2023, 180 Life Sciences Corp. (the “Company”, “we” or “us”) received written notice (the
“Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying
the Company that it was not in compliance with the shareholder approval requirements set forth in Nasdaq Listing Rule 5635(d), which require
prior shareholder approval for transactions, other than public offerings, involving the issuance of 20% or more of the pre-transaction
shares outstanding at less than the applicable Minimum Price (as defined in Listing Rule 5635(d)(1)(A)).
The
Staff’s determination under Listing Rule 5635(d) relates to the offering and issuance by the Company (the “Offering”)
of an aggregate of: (i) 666,925 shares of the Company’s common stock, $0.0001 par value (the “Common Stock”), at a price
of $0.65 per share, (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 3,948,460 shares of Common Stock,
at a price of $0.6499 per Pre-Funded Warrant and (iii) warrants (the “Common Warrants”) to purchase up to 4,615,385 shares
of Common Stock. The offering price per Share and associated Common Warrant was $0.65 and the offering price per Pre-Funded Warrant and
associated Common Warrant was $0.6499. The Offering was previously disclosed in the Company’s Current Report on Form 8-K filed with
the Securities and Exchange Commission on August 15, 2023.
The
Staff determined that the Offering was not a “public offering” for the purposes of Nasdaq’s shareholder approval rules
due to the type of offering, a best efforts offering pursuant to a placement agency agreement, and the fact that one investor purchased
98% of the Offering. As a result, because the Offering represented greater than 20% of the Common Stock outstanding and was priced below
the Minimum Price, the Staff determined that the Company was required to obtain prior shareholder approval under Listing Rule 5635(d).
The
Notification Letter does not impact the Company’s listing of its common stock on the Nasdaq Capital Market at this time. The Notification
Letter states that the Company has 45 days to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant the Company
an extension of 180 calendar days from the date of the Notification Letter to evidence compliance.
The
Company intends to submit, within the requisite period, a plan to regain compliance under the Nasdaq Listing Rules. There can be no assurance
that Nasdaq will accept the Company’s plan or that the Company will be able to regain compliance with the applicable listing requirements.
The
Company, by filing this Form 8-K, discloses its receipt of the notification from Nasdaq in accordance with Listing Rule 5810(b).
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.
|
180 LIFE SCIENCES CORP. |
|
|
|
Date: October 13, 2023 |
By: |
/s/ James N. Woody, M.D., Ph.D. |
|
|
James N. Woody, M.D., Ph.D. |
|
|
Chief Executive Officer |
2
v3.23.3
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Oct. 11, 2023 |
Document Type |
8-K
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Amendment Flag |
false
|
Document Period End Date |
Oct. 11, 2023
|
Entity File Number |
001-38105
|
Entity Registrant Name |
180 LIFE SCIENCES CORP.
|
Entity Central Index Key |
0001690080
|
Entity Tax Identification Number |
90-1890354
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
3000 El Camino Real
|
Entity Address, Address Line Two |
Bldg. 4
|
Entity Address, Address Line Three |
Suite 200
|
Entity Address, City or Town |
Palo Alto
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
94306
|
City Area Code |
(650)
|
Local Phone Number |
507-0669
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
false
|
Common Stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Common Stock, par value $0.0001 per share
|
Trading Symbol |
ATNF
|
Security Exchange Name |
NASDAQ
|
Warrants to purchase shares of Common Stock |
|
Title of 12(b) Security |
Warrants to purchase shares of Common Stock
|
Trading Symbol |
ATNFW
|
Security Exchange Name |
NASDAQ
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