Item 8.01 Other Events.
The Company anticipates that a Form 25 will be filed with the SEC to deregister its common stock under Section 12(b) of the Securities Exchange Act of
1934, as amended (“Exchange Act”), on or about February 19, 2026. The Company also expects to file a Form 15 with the SEC on or about March 2, 2026, to commence the process of terminating the registration of its common stock under Section 12(g) of
the Exchange Act and to suspend the Company’s reporting obligations under Sections 13(a) and 15(d) of the Exchange Act, which we refer to as “going dark”.
The Company expects that the delisting from Nasdaq and “going dark” will eliminate the effort required to maintain compliance as an Exchange Act
reporting company, and save the Company significant time and money in general and administrative expenses. These time and expense savings can be used to execute the Company’s operating plan, thus better enabling the Company to focus on its
customers, its business and the patients whose lives are enhanced as a result of its work. With a more streamlined cost profile, the Company will be better able to invest in its business and focus on reducing its cash burn, and thus provide a
future benefit to the Company’s stockholders. From an operational standpoint, delisting from Nasdaq and “going dark” is expected to minimize Company management attention related to its reporting obligations associated with being a Nasdaq and
Exchange Act reporting company, and enable increased focus on longer-term value creation.
The Board considered the fact that the Company’s common stock would become more illiquid as a result of “going dark”, and that stockholders may
experience difficulties in selling their shares of common stock. However, the decision to proceed took into consideration the current as well as potential future costs of remaining a listed company versus the benefits to the longer term health of
the Company. The Company’s stockholders who are concerned about liquidity may be able to sell their shares of common stock before the suspension of trading becomes effective.
Forward-Looking Statements
Certain statements in this Current Report on Form 8-K and any oral statements made regarding the contents of this Current Report on Form 8-K may constitute
“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended to date. Forward-looking statements can be identified by words such as “may,” “might,” “will,” “should,” “could,”
“expects,” “plans,” “anticipates,” “believes,” “seeks,” “intends,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. Examples of forward-looking statements include, among others,
statements the Company makes regarding the Company’s intention to appeal the Nasdaq staff’s determination, the filing a Form 25 and the timing as it relates to such filing, the last trading day of its common stock on Nasdaq, filing a Form 15 and
the timing as it relates to such filing, the timing of the effectiveness of the Form 15, the Company’s savings as it relates to “going dark,” the ability to minimize Company management distractions and reporting obligations associated with being a
Nasdaq and Exchange Act reporting company, and the trading of shares of the Company’s common stock following its suspension of trading from Nasdaq and other statements that are not purely statements of historical fact. These forward-looking
statements are made on the basis of the current beliefs, expectations and assumptions of the management of the Company and are subject to a number of known and unknown risks and significant business, economic and competitive uncertainties that
could cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. These and other risks are described more fully in the Company’s filings with the SEC, including the “Risk Factors” section of
its annual report on Form 10-K for the fiscal year ended December 31, 2024, and any risks that may be contained in any subsequent filings that the Company has made, or makes, with the SEC. Because forward-looking statements are inherently subject
to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, the
Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business.