What changed in this filing

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Item 1A. Risk Factors

2026-07-27 compared with 2025-11-19 · 61 added, 0 removed, 5 unchanged (92% of the section changed)

4 unchanged sentences

Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

ARE NOT CURRENTLY IN COMPLIANCE WITH NASDAQ’S LISTING REQUIREMENTS;

IF WE ARE NOT ABLE TO REGAIN COMPLIANCE WITH THOSE REQUIREMENTS

WITHIN THE TIME PERIODS PERMITTED BY NASDAQ, OUR COMMON STOCK MAY BE DELISTED, WHICH WOULD LIKELY IMPAIR OUR ABILITY TO RAISE CAPITAL

AND COULD CONSTITUTE AN EVENT OF DEFAULT UNDER OUR OUTSTANDING PROMISSORY NOTES.

November 5, 2024, the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”)

indicating that the Company was not in compliance with the $1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2)

for continued listing on The Nasdaq Capital Market (the “Minimum Bid Price Requirement”).

The Nasdaq listing rules require

listed securities to maintain a minimum bid price of $1.00 per share, and, based upon the closing bid price of the Company’s common

stock for the prior 30 consecutive business days, the Company no longer met that requirement.

The Nasdaq rules initially provided the

Company a compliance period of 180 calendar days from the date of the notice (or until May 5, 2025) in which to regain compliance with

the Minimum Bid Price Requirement.

On May 7, 2025, Nasdaq granted the Company an additional 180-day extension (or until November 3, 2025)

to regain compliance with the Minimum Bid Price Requirement.

On October 20, 2025, Nasdaq notified the Company that the Company had regained

compliance with the Minimum Bid Price Requirement, and the matter was closed.

January 8, 2025, the Company received a written notice from Nasdaq indicating that the Company was not in compliance with Nasdaq’s

annual shareholder meeting requirement as set forth in Listing Rules 5620(a) and 5810(c)(2)(G) (the “Annual Shareholder Meeting

Requirement”).

The Nasdaq listing rules require the Company to have an annual meeting of shareholders within twelve months of the

end of the Company’s fiscal year end, and the Company has not had an annual meeting within twelve months of the Company’s

2023 fiscal year end as required.

The Nasdaq rules provided the Company 45 calendar days to submit a plan to regain compliance with the

Annual Shareholder Meeting Requirement.

The Company submitted such plan as required, and on February 27, 2025, Nasdaq provided the Company

an extension of until June 3, 2025, to regain compliance with the Annual Shareholder Meeting Requirement.

On April 30, 2025, the Company

held its annual meeting of shareholders, and the Company regained compliance with the Annual Shareholder Meeting Requirement.

April 17, 2026, the Company received a written notice Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule

5250(c)(1) because the Company had not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission.

Under Nasdaq rules,

the Company has 60 calendar days from receipt of the notice to submit a plan to regain compliance.

If Nasdaq accepts the Company’s

plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-K, or until October 12, 2026, to

regain compliance.

May 26, 2026, the Company received a written notice Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule

5250(c)(1) because the Company had not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026.

rule requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission.

rules, the Company has 60 calendar days from receipt of the notice to submit a plan to regain compliance.

If Nasdaq accepts the Company’s

plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or until November 16, 2026, to

regain compliance.

Company intends to submit a plan to Nasdaq regarding regaining compliance with Nasdaq’s rules.

However, there can be no assurance

that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any

extension period granted by Nasdaq.

If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to

appeal that decision to a Nasdaq hearings panel.

the Company’s common stock ultimately were to be delisted for any reason, it could negatively impact the Company by (i) reducing

the liquidity and market price of the Company’s common stock;

(ii) reducing the number of investors willing to hold or acquire

the Company’s common stock, which could negatively impact the Company’s ability to raise equity financing;

(iii) limiting

the Company’s ability to use a registration statement to offer and sell freely tradable securities, thereby preventing the Company

from accessing the public capital markets;

and (iv) impairing the Company’s ability to provide equity incentives to its employees.

Additionally, delisting of the Company’s common stock from the Nasdaq Capital Market could constitute an event of default under

its outstanding convertible promissory notes, resulting in those notes becoming immediately due and payable, and resulting in default

penalties being applied to those notes.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors