Neptune Wellness Solutions Inc.: Nasdaq/NYSE listing notice — Neptune Wellness faces Nasdaq delisting over bid price and equity shortfalls; plans to appeal

Neptune Wellness Solutions Inc.

Received delisting notice on Nov 30, 2023 for non-compliance with Minimum Bid Requirement (below $1 for 30 days) and Stockholders' Equity Requirement (below $2.5M).
Ineligible for compliance period due to two reverse stock splits with cumulative ratio >=250:1 over prior two years.
Company must request hearing by Dec 7, 2023; hearing request stays suspension pending Panel decision.
Neptune references strategic initiatives: spinout of Sprout Organics and planned acquisition of Datasys.
No assurance of success of appeal.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.97

Neptune Wellness Solutions Inc. received a nasdaq delisting notice notice regarding minimum bid price (rules 5550(a)(2)).

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

Exact text from the filing

November 30, 2023, Neptune Wellness Solutions Inc. (the “Company”) received a letter from the staff of the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ Staff”) indicating that unless the Company requests a hearing before the NASDAQ Listing Qualifications Panel (“Panel”) by December 7, 2023, the Company's common stock would be subject to delisting based upon its non-compliance with NASDAQ's Minimum Bid Requirement (as defined below) and NASDAQ’s Stockholders’ Equity Requirement (as defined below), as set forth in NASDAQ Listing Rules 5550(a)(2) and 5550 (b)(1), resp

View on SEC.gov

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

Neptune Wellness Solutions Inc. received a nasdaq delisting notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

November 30, 2023, Neptune Wellness Solutions Inc. (the “Company”) received a letter from the staff of the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ Staff”) indicating that unless the Company requests a hearing before the NASDAQ Listing Qualifications Panel (“Panel”) by December 7, 2023, the Company's common stock would be subject to delisting based upon its non-compliance with NASDAQ's Minimum Bid Requirement (as defined below) and NASDAQ’s Stockholders’ Equity Requirement (as defined below), as set forth in NASDAQ Listing Rules 5550(a)(2) and 5550 (b)(1), resp

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-23-033586

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