Jun. 30 at 8:20 PM
$TPST Q2 is now in the books.
At end of Q1, TPST reported Total Assets of
$10.748M (including
$1.805M cash) and Total Liabilities of
$9.926M. Which put Stockholders' Equity at
$822K (
$10.748M -
$9.926M). Need Equity above
$2.5M to regain compliance with NASDAQ's minimum equity requirements.
Since the end of Q1, they did a warrant inducement on May 29 that raised
$2M in additional cash. However, this will probably not be enough to raise equity above
$2.5M. So the 10-Q in August will likely not show compliance with the NASDAQ's equity requirement.
They have until July 6 to submit a compliance plan to NASDAQ. If NASDAQ accepts the plan, they'll be given a 180 day compliance period to increase equity above
$2.5M. If they can figure out a way to increase cash significantly by Sept 30 (end of Q3), then they might be able to demonstrate compliance in the Nov 10-Q filing.
