RYTHM, Inc. (RYM): Nasdaq/NYSE listing notice — Agrify gets Nasdaq extension to April 15, 2024 to regain compliance with $2.5M equity rule

RYTHM, Inc.

Nasdaq Panel grants extension to April 15, 2024 to evidence compliance with Listing Rule 5550(b)(1) requiring $2.5M stockholders' equity.
~$3.9M of debt converted into equity at $1.46/share (212% of closing price) by entity controlled by CEO and board member.
New lender forgave $1M in debt on Nov 30, 2023, to improve equity position.
Company issued 2,685,629 shares upon warrant exercises, an increase of 210,000 shares from prior announcement.
No assurance of regaining compliance; delisting risk remains if equity requirement not met by April 15.

item 3.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

RYTHM, Inc. received a nasdaq extension granted notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: extension granted
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

January 30, 2024, the Company received formal notice that the Panel had granted the Company’s request for an exception through April 15, 2024 to evidence compliance with the Listing Rule. The compliance date of April 15, 2024 represents the full extent of the Panel’s discretion to grant continued listing while the Company is non-compliant with Nasdaq Listing Rules. Accordingly, there can be no assurance that the Company will be able to regain compliance with the Nasdaq listing rules or maintain its listing on the Nasdaq Capital Market. If the Company’s common stock is delisted, it could be mor

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RYTHM, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-008117

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