Current Report Filing (8-k)

 

 

 

 

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): March 13, 2023

 

ASPEN GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-38175		27-1933597
(State or Other Jurisdiction		(Commission		(I.R.S. Employer
of Incorporation)		File Number)		Identification No.)

 

276 Fifth Avenue, Suite 505, New York, NY 10001

(Address of Principal Executive Office) (Zip Code)

 

[phone]

(Registrant’s telephone number, including area code)

 

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:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o 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, $0.001 par value	ASPU	The Nasdaq Stock Market (The Nasdaq Global Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

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 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On March 13, 2023, Aspen Group, Inc. (the “Company”) notified The Nasdaq Stock Market LLC (“Nasdaq”) of the Company’s decision to voluntarily delist its common stock from The Nasdaq Global Market and its intent to file a Form 25 with the Securities and Exchange Commission (the “SEC”) on or about March 23, 2023. As a result, the Company expects the last day of trading of its common stock on The Nasdaq Global Market will be March 31, 2023. The Company intends to file a Form 15 with the SEC on or about April 30, 2023 to suspend the Company’s reporting obligations under Sections 12(g) and 15(d) of the Securities Exchange Act of 1934. The reasons for this decision consist of the anticipated financial savings and lower operating costs, reduced management time commitment for compliance and reporting activities, and a simplified corporate governance structure.

 

As previously disclosed in the Company’s Current Report on Form 8-K filed with the SEC on October 3, 2022, on September 28, 2022, the Company had received notice from Nasdaq of its noncompliance with Nasdaq Listing Rule 5550(a)(2) by failing to maintain a minimum bid price for its common stock of at least $1.00 per share for 30 consecutive business days. As of the date of this Current Report on Form 8-K, the Company’s common stock remains below the minimum bid price requirement. Once the Company’s common stock is no longer listed on Nasdaq, this minimum bid price non-compliance will be moot.

 

The Company expects that its common stock will be quoted on the OTC Pink platform or another market operated by OTC Markets Group Inc. (the “OTC”), and it intends to continue to provide information to its stockholders and to take such actions within its control to enable its common stock to be quoted in the OTC Pink or on another OTC market so that a trading market may continue to exist for its common stock. There is no guarantee, however, that a broker will continue to make a market in the common stock and that trading of the common stock will continue on an OTC market or otherwise.

  

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

  

Exhibit				Incorporated by Reference						Filed or Furnished
#		Exhibit Description		Form		Date		Number		Herewith
104		Cover Page Interactive Data File (embedded within 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.

 

	ASPEN GROUP, INC.
Date:  March 15, 2023	By:	/s/ Michael Mathews
		Name: Michael Mathews
		Title:   Chief Executive Officer