SMART FOR LIFE, INC.: Nasdaq/NYSE listing notice — Smart for Life receives Nasdaq bid price deficiency; no compliance period due to prior reverse splits

SMART FOR LIFE, INC.

On April 24, 2024, Nasdaq notified Smart for Life that its common stock closed below $1.00 for 30 consecutive business days, violating Bid Rule.
Due to prior reverse stock splits totaling 250:1+, the company is not eligible for a 180-day compliance period; delisting determination will be at hearings panel.
Company’s hearing was held March 12, 2024; it presented a compliance plan for equity rule and annual meeting deficiency.
Company filed Form 8-K on March 7 showing stockholders' equity over $2.5M; now estimates equity at $6M.
No assurance that Nasdaq will accept the plan or that the company will regain compliance.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

SMART FOR LIFE, INC. received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

April 24, 2024. On April 24, 2024, the Company received an additional notification letter from Nasdaq notifying the Company that its securities had closed at less than $1.00 per share over the previous 30 consecutive business days, and, as a result, does not comply with Listing Rule 5550(a)(2) (the “Bid Rule”). The notification letter further stated that while a company would normally be afforded a 180-calendar day period to demonstrate compliance with the Bid Rule, pursuant to Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A)

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.7

SMART FOR LIFE, INC. received a nasdaq deficiency notice notice regarding late filing (rules 5550(a)(2), 5810(c)(3)(A)(iv)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: late filing
Rules: 5550(a)(2), 5810(c)(3)(A)(iv)

Exact text from the filing

l no later than April 24, 2024. On April 24, 2024, the Company received an additional notification letter from Nasdaq notifying the Company that its securities had closed at less than $1.00 per share over the previous 30 consecutive business days, and, as a result, does not comply with Listing Rule 5550(a)(2) (the “Bid Rule”). The notification letter further stated that while a company would normally be afforded a 180-calendar day period to demonstrate compliance with the Bid Rule, pursuant to Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Ru

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Source: SEC EDGAR

accession 0001213900-24-037919

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