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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): May 23, 2024

 

TRxADE HEALTH, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware   001-39199   46-3673928

(State or other jurisdiction

of incorporation)

  

(Commission

File No.)

  

(I.R.S. Employer

Identification No.)

 

2420 Brunello Trace

Lutz, Florida 33558

(Address of Principal Executive Offices)

 

(800) 261-0281

(Registrant’s Telephone Number)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

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 $0.00001 per share   MEDS   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 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    

 

 

 

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May 23, 2024
Cover [Abstract]  
Document Type 8-K
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Document Period End Date May 23, 2024
Entity File Number 001-39199
Entity Registrant Name TRxADE HEALTH, INC.
Entity Central Index Key 0001382574
Entity Tax Identification Number 46-3673928
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 2420 Brunello Trace
Entity Address, City or Town Lutz
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33558
City Area Code (800)
Local Phone Number 261-0281
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Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.00001 per share
Trading Symbol MEDS
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
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