LIGO-Virgo and Fermi collaborations recently reported a possible joint detection of a sub-threshold gravitational wave (GW) event and a sub-threshold gamma-ray burst (GRB), GBM-190816, that occurred 1.57 s after the merger. Since it takes long for the official LIGO-Virgo/Fermi Collaboration's results to be released, we decide to independently process the publicly available data and investigate the physical implications of this potential association. We perform a detailed analysis of the observational properties of the GBM-190816 using Fermi/GBM data. By studying its signal-to-noise ratio, duration, f -parameter, spectral properties, energetic properties, and its compliance with some GRB statistical correlations, we confirm that this event is likely a typical short GRB with a luminosity of 1.02 +2.84 −0.80 ×10 49 erg s −1 . Based on the available information of the sub-threshold GW event, we infer the mass ratio, q, of the binary compact stars in the range of ∼ [2.142, 5.795]. The leading physical scenario invokes an NS-BH merger system with the NS tidally disrupted. We derive the physical properties of such a system (including mass ratio q, the spin parameters, and the observer's viewing angle) that are required to produce a GRB within the framework of such a scenario. The GW data in principle allow NS-BH systems with no tidal disruption (the plunge events) or BH-BH mergers. The generation of a GRB in these systems requires that at least one of the merger member is charged. We apply the charged compact binary coalescence (cCBC) theory to derive the model parameters to account for GBM-190816. The cases for both constant and increasing charges in the merging members are discussed. Finally, since in NS-BH or BH-BH merger systems a BH exists immediately after the merger so that there is no waiting time before launching a jet, the fact that the observed delay time scale is comparable to that of the NS-NS merger event GW170817/GRB 170817A suggests that the commonly observed GW-GRB time delay is mainly defined by the time scale for the jet propagates to the energy dissipation / GRB emission site.