<SEC-DOCUMENT>0001174947-25-000811.txt : 20250520
<SEC-HEADER>0001174947-25-000811.hdr.sgml : 20250520
<ACCEPTANCE-DATETIME>20250520172921
ACCESSION NUMBER:		0001174947-25-000811
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IRIDEX CORP
		CENTRAL INDEX KEY:			0001006045
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				770210467
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27598
		FILM NUMBER:		25970150

	BUSINESS ADDRESS:	
		STREET 1:		1212 TERRA BELLA AVE
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94043
		BUSINESS PHONE:		6509404700

	MAIL ADDRESS:	
		STREET 1:		1212 TERRA BELLA AVENUE
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94043
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ea021696306-8k_iridex.htm
<DESCRIPTION>CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM <FONT ID="xdx_90B_edei--DocumentType_c20250514__20250514_z2gULyceSbGj">8-K</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><FONT ID="xdx_902_edei--DocumentPeriodEndDate_c20250514__20250514_zANLLAUB1tm7">May 14, 2025</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Date of Report (date of earliest event reported)</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><FONT ID="xdx_90A_edei--EntityRegistrantName_c20250514__20250514_zjyJsaxq9Pf1">IRIDEX CORPORATION</FONT></B></P>

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<FONT ID="xdx_90E_edei--EntityAddressCityOrTown_c20250514__20250514_zA1sXmLcDVB6">Mountain View</FONT>, <FONT ID="xdx_90C_edei--EntityAddressStateOrProvince_c20250514__20250514_zqg7eJ3ZrdC9">California</FONT> <FONT ID="xdx_90D_edei--EntityAddressPostalZipCode_c20250514__20250514_zse8tVm3F0ej">94043</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 (see General Instruction A.2.
below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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the Exchange Act (17 CFR 240.14d-2(b))</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (&#167;240.12b-2 of this chapter).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0">Emerging growth company <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT ID="xdx_90C_edei--EntityEmergingGrowthCompany_c20250514__20250514_z7FYHr74PGvj">&#9744;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0; text-align: justify">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. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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    <TD STYLE="text-align: center; vertical-align: top"><FONT ID="xdx_900_edei--Security12bTitle_c20250514__20250514_zbjlXyrHubRd">Common Stock, par value $0.01 per share</FONT></TD>
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    <TD STYLE="vertical-align: top; text-align: center"><FONT ID="xdx_906_edei--TradingSymbol_c20250514__20250514_zWQJ5aONkqQ">IRIX</FONT></TD>
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    <TD STYLE="vertical-align: top; text-align: center"><FONT ID="xdx_90A_edei--SecurityExchangeName_c20250514__20250514_zzfLDoOpHV3j">Nasdaq</FONT> Capital Market</TD></TR>
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<P STYLE="margin: 0"> <B>Item 3.01.</B> <B>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 14, 2025, IRIDEX Corporation (the &#8220;Company&#8221;)
received a notification of non-compliance (the &#8220;Notice&#8221;) from Nasdaq&#8217;s Listing Qualifications Department (the &#8220;Staff&#8221;)
of The Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;) notifying the Company that, based upon its Quarterly Report on Form 10-Q for the
quarterly period ended March 29, 2025 that was filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on May 13, 2025,
the Company is not in compliance with the minimum stockholders&#8217; equity requirement of $2,500,000 for continued listing on the Nasdaq
Capital Market pursuant to Nasdaq Listing Rule 5550(b)(1) (the &#8220;Stockholders&#8217; Equity Requirement&#8221;). As described in
the Notice, the Company&#8217;s last reported stockholders&#8217; equity as of March 29, 2025, was approximately $852,000 and, as of May
14, 2025, the Company does not meet the alternative listing requirements of its market value of listed securities or its net income from
continuing operations in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice arises in part due to the
Company&#8217;s Series B Preferred Stock, par value $0.01 per share (the &#8220;Series B Preferred Stock&#8221;), which the Company
sold to Novel Inspiration International Co. Ltd., earlier this year in March for aggregate proceeds of $6,000,000, being classified
as &#8220;temporary equity.&#8221; The sale of the Series B Preferred Stock was previously disclosed on the Current Report on Form
8-K filed by the Company on March 20, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is already seeking stockholder
approval at its annual meeting of stockholders to be held on June 11, 2025, to approve a proposal (the &#8220;Restated Charter
Proposal&#8221;) to amend and restate the Company&#8217;s Amended and Restated Certificate of Incorporation in the form of the
Amended and Restated Certificate of Incorporation attached as Appendix A (the &#8220;Restated Charter&#8221;) to its definitive
proxy statement filed with the SEC on April 28, 2025. Among other matters, the Restated Charter amends and restates certain rights
of the Series B Preferred Stock in a manner that would result in the Series B Preferred Stock being classified as &#8220;permanent
equity.&#8221; The Company expects that should the stockholders approve the Restated Charter, then upon the filing of the
Restated Charter, the Series B Preferred Stock would be reclassified as &#8220;permanent equity,&#8221; which would result in
the Company regaining compliance with Nasdaq&#8217;s Stockholders&#8217; Equity Requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with applicable Nasdaq procedures,
within 45 calendar days from receipt of the Notice, or June 30, 2025, the Company intends to submit a plan to the Staff advising it of
the definitive action(s) the Company has taken, is taking, or plans to take that would bring it into conformity with the Stockholders&#8217;
Equity Requirement (the &#8220;Compliance Plan&#8221;), including the foregoing plan relating to seeking stockholder approval of the Restated
Charter Proposal and, if approved by the stockholders, to file the Restated Charter that would result in the Series B Preferred Stock
being reclassified as &#8220;permanent equity.&#8221; If the Compliance Plan is acceptable to the Staff, of which there can be no assurance,
the Staff may grant an extension of up to 180 calendar days of receipt of the Notice to evidence compliance (the &#8220;Cure Period&#8221;).
If the Staff does not accept the Compliance Plan, the Company will have the opportunity to appeal the Staff&#8217;s determination to a
Nasdaq Hearings Panel pursuant to Nasdaq Listing Rule 5815(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notice has no immediate impact on the listing
of the Company&#8217;s common stock, which will continue to be listed and traded on Nasdaq during the Cure Period, subject to Nasdaq&#8217;s
acceptance of the Compliance Plan, the Company&#8217;s continued compliance with the Compliance Plan and Nasdaq&#8217;s other continued
listing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current noncompliance with the Nasdaq listing
requirements does not affect the Company&#8217;s ongoing business operations or its SEC reporting requirements. In addition to the above
plan to have the Series B Preferred Stock reclassified as &#8220;permanent equity,&#8221; the Company is considering other available options
to regain compliance with Nasdaq&#8217;s continued listing requirements. However, there can be no assurance that the Company will be able
to regain compliance with the Stockholders&#8217; Equity Requirement or will otherwise be in compliance with the Nasdaq Listing Rules.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B><I>Important
Additional Information Filed with the SEC</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">The
Company has filed with the SEC proxy statements (as amended or supplemented from time to time, the &#8220;proxy statements&#8221;). BEFORE
MAKING ANY VOTING DECISION, IRIDEX&#8217;S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENTS AND OTHER RELEVANT DOCUMENTS FILED OR TO
BE FILED WITH THE SEC IN CONNECTION WITH THE RESTATED CHARTER PROPOSAL AND THE FILING OF THE RESTATED CHARTER AND ANY OTHER PROPOSALS
FOR WHICH STOCKHOLDER APPROVAL IS BEING REQUESTED IS DESCRIBED THEREIN OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENTS (IF ANY) CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE RESTATED CHARTER PROPOSAL, THE RESTATED CHARTER AND THE OTHER
PROPOSALS FOR WHICH STOCKHOLDER APPROVAL IS BEING REQUESTED. Iridex&#8217;s stockholders and investors may obtain, without charge, a copy
of the proxy statements and other relevant documents filed with the SEC (when available) from the SEC&#8217;s website at www.sec.gov.
The proxy statement, proxy solicitation materials can be accessed directly at www.edocumentview.com/irix. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white"><B><I>Participants
in the Solicitation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Iridex,
certain of its directors and executive officers and employees, and our proxy solicitor, Alliance Advisors, LLC, may be considered participants
in the solicitation of proxies from the stockholders of Iridex in respect of the stockholder approvals. Information regarding the persons
who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Iridex in respect of the stockholder
approvals, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the proxy
statement filed with the SEC. Information regarding Iridex&#8217;s directors and executive officers is contained in Iridex&#8217;s Annual
Report on Form 10-K for the fiscal year ended December 28, 2024 filed with the SEC, its Definitive Proxy Statement on Schedule 14A filed
with the SEC on April 28, 2025, and its Proxy Supplement filed with the SEC on May 20, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Information
regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of the Company&#8217;s stockholders
in connection with the Restated Charter Proposal and related matters and any other matters to be voted upon at the annual meeting are set forth in
the proxy statements filed with the SEC. These documents are available free of charge as described in the preceding section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white"><B><I>Forward-Looking
Statements, Risks and Uncertainties</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Current Report on
Form 8-K contains &#8220;forward-looking statements&#8221; within the meaning of the &#8220;safe harbor&#8221; provisions of the Privates
Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties. These forward-looking statements include,
but are not limited to, statements regarding the Company&#8217;s ability to develop or submit a plan to regain compliance with Nasdaq&#8217;s
continued listing criteria, Nasdaq&#8217;s acceptance of such plan, the Company&#8217;s ability to execute such plan and to continue to
comply with the applicable listing standards within the applicable cure period and remain listed on Nasdaq, risks arising from the potential
suspension of trading of the Company&#8217;s common stock on Nasdaq, the Company&#8217;s ability to obtain stockholder approval for the
Restated Charter Proposal, the Company&#8217;s plan to file the Restated Charter and the resulting reclassification of the Series B Preferred
Stock into &#8220;permanent equity,&#8221; and other risks and uncertainties detailed from time to time in the Company&#8217;s reports
filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Forward-looking statements
include all statements that are not historical facts and can be identified by terms such as &#8220;believe,&#8221; &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;assume,&#8221; &#8220;plans,&#8221; &#8220;intends&#8221;
or similar expressions and the negatives of those terms. Forward-looking statements are subject to known and unknown risks and uncertainties
and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied
by the forward-looking statements. Investors are cautioned not to place undue reliance on the forward-looking statements. All information
provided in this Current Report on Form 8-K and in the exhibits is as of the date hereof and is based on then-current expectations and
the beliefs and assumptions of management. We undertake no duty to update this information unless required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="margin: 0"> <B>Item 9.01.</B> <B>Financial Statements and Exhibits. </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="margin: 0">(d) Exhibits</P>

<P STYLE="margin: 0">&#160;</P>

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    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>
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    <TD STYLE="vertical-align: top">104</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: top">Cover Page Interactive Data File (embedded within the Inline XBRL document).</TD></TR>
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<P STYLE="margin: 0">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD COLSPAN="2"><B>IRIDEX CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&#160;</TD>
    <TD STYLE="width: 4%">&#160;</TD>
    <TD STYLE="width: 36%">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Patrick Mercer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>Patrick Mercer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: May 20, 2025</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD></TR>
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