Item 8.01 Other Events.
As previously reported by HTG Molecular Diagnostics, Inc. (the "Company") in the
Company's Current Report on Form 8-K filed with the Securities and Exchange
Commission (the "SEC") on November 18, 2022, on November 18, 2022 the Company
received notice from The Nasdaq Stock Market LLC ("Nasdaq") that, as a result of
the Company's stockholders' equity falling below $2.5 million as reported in the
Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
2022, the Company did not satisfy one of The Nasdaq Capital Market continued
listing requirement set forth in Nasdaq Stock Market Rule 5550(b) (the "Rule").
On December 23, 2022, the Company completed a best-efforts public offering,
pursuant to which the Company sold and issued to an institutional investor
shares of its common stock, pre-funded warrants and other warrants for total
gross proceeds of approximately $10.0 million. The estimated net proceeds of the
offering are approximately $8.7 million, after deducting the placement agent
fees and expenses and other estimated offering expenses payable by the Company.
The offering and related matters are described in more detail in the Company's
Current Report on Form 8-K filed with the SEC on December 23, 2022.
As of the date of this report, the Company believes it has regained compliance
with the Rule based upon the net proceeds to the Company from the offering
referenced above. Nasdaq will continue to monitor the Company's ongoing
compliance with the Rule and, if at the time of the Company's next periodic
report the Company does not evidence compliance with the Rule, the Company may
be subject to delisting.
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