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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 Exchatnge Act of 1934
Date of Report (Date of earliest event reported): November 9, 2023
Near Intelligence, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-39843 |
|
85-3187857 |
(State or other jurisdiction of |
|
(Commission File Number) |
|
(IRS Employer |
incorporation) |
|
|
|
Identification No.) |
100
W Walnut St., Suite A-4 Pasadena
California 91124 |
|
91124 |
(Address of principal executive offices) |
|
(Zip Code) |
(628) 889-7680
(Registrant’s
telephone number, including area code)
Not Applicable
(Former name or former address, if changed since
last report)
☐ | 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
Symbols |
|
Name of each exchange on which registered |
Common Stock, par value $0.0001 per share |
|
NIR |
|
The
Nasdaq Global Market |
Warrants, each exercisable for one share of Common Stock for $11.50 per share |
|
NIRWW |
|
The
Nasdaq Capital Market |
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 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
November 9, 2023, Near Intelligence, Inc. (the “Company”, and together with its subsidiaries “we”,
“us” or “our”) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC
(“Nasdaq”) indicating that, as a result of the previously disclosed resignation of Mini Krishnamoorthy from the
Company’s Board of Directors on October 24, 2023, the Company is not in compliance with Nasdaq Listing Rule 5605(c)(2), which
requires that the Audit Committee of the Board of Directors of the Company be comprised of at least three independent directors. The
letter also indicated that the Company will be afforded until the earlier of its next annual shareholders’ meeting or
October 24, 2024 (or if the next annual shareholders' meeting is held prior to April 22, 2024, then April 22, 2024) to replace the
member on the Audit Committee in order to regain compliance pursuant to Nasdaq Listing Rule 5605(c)(4).
Item 8.01 Other Events.
We finance our operations
primarily through cash generated from operations, cash from the sale of debt and equity securities and borrowings under secured financing
arrangements. As previously disclosed, in order to continue as a going concern, we need to raise
additional capital to fund our operating and investing cash flow needs and to avoid a default under our credit facility, which requires
us to maintain a certain minimum liquidity.
Also, as previously disclosed,
in connection with the ongoing investigation into allegations of financial mismanagement and potential fraudulent actions taken by our
former chief executive officer and former chief financial officer, we determined that our previously issued financial statements should
not be relied upon. The investigation is still ongoing and we will not be able to publish revised historical financial statements or financial
statements covering current periods until it is completed, which we do not anticipate will be in the near future.
As a result of the public
uncertainty over our financial condition and business prospects created by these recent announcements, our ability to raise capital to
fund our operations is severely challenged. Our liquidity is limited and will not be sufficient to fund our current operating plan beyond
the next couple of months. As previously disclosed, we are exploring various strategic alternatives. We have retained restructuring and
other financial advisors, including GLC Advisors & Co., LLC as our investment banker, to assist us with exploring, reviewing and evaluating
our options to address our liquidity, capital structure and cash flows from operations, including disposition of assets, strategic partnerships,
access to capital, cost saving measures, including workforce reductions, and other transactions. There can be no assurance of completion
of any particular transaction or course of action or a defined timeline for completion or that any of these measures alone or in combination
would be sufficient to raise sufficient capital or improve our liquidity position in order to continue as a going concern. We are also
in discussions with our current lenders on additional forbearances, financing possibilities and other strategic options.
It appears increasingly unlikely
that we will be able to implement one or more of the aforementioned strategic options outside of a court supervised reorganization process,
at least with respect to the Company and our U.S. operations, which may also be the best path to preserve the value of our business and
assets for the benefit of our stakeholders. Such a filing would subject us to the risks and uncertainties associated with bankruptcy proceedings
and may place holders of our equity securities and junior debt at significant risk of losing all of their investment in us.
Cautionary Statements Regarding Trading in the Company’s Securities.
Our securityholders are cautioned
that trading in our securities, especially during this highly uncertain time, is highly speculative and poses substantial risks.
Accordingly, we urge extreme caution with respect to existing and future investments in our securities.
Cautionary Note Regarding Forward-Looking Statements.
This Current Report on Form
8-K includes statements that are, or may be deemed, “forward-looking statements.” In some cases, these forward-looking statements
can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should,” “approximately” or, in each case, their negative or other variations thereon or comparable terminology,
although not all forward-looking statements contain these words. These forward-looking statements reflect the current beliefs and expectations
of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution you that
forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and
liquidity and the development of the industry in which we operate may differ materially from the forward-looking statements contained
herein. Any forward-looking statements that we make in this Form 8-K speak only as of the date of such statement, and we undertake no
obligation to update such statements to reflect events or circumstances after the date of this Form 8-K or to reflect the occurrence of
unanticipated events. Our forward-looking statements in this Form 8-K include, but are not limited to, statements about our evaluation
of our strategic options, the potential consequences of not being able to raise additional liquidity, our ability to continue as a going
concern and other statements regarding our strategy and future operations, performance and prospects, among others. These forward-looking
statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance
that future developments affecting us will be those anticipated. These forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from
those expressed or implied by these forward-looking statements.
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.
Date: November 9, 2023 |
|
|
|
|
NEAR INTELLIGENCE, INC. |
|
|
|
By: |
/s/ John Faieta |
|
|
John Faieta |
|
|
Interim Chief Financial Officer |
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Near Intelligence (NASDAQ:NIR)
過去 株価チャート
から 5 2024 まで 6 2024
Near Intelligence (NASDAQ:NIR)
過去 株価チャート
から 6 2023 まで 6 2024