Orgenesis Inc.: Nasdaq/NYSE listing notice — Orgenesis receives Nasdaq delisting notice after restatement reveals stockholders' deficit of $15.4M

Orgenesis Inc.

On April 17, 2024, Nasdaq notified Orgenesis it no longer meets the minimum $2.5M stockholders' equity for continued listing (Rule 5550(b)(1)) after restatement.
A prior second 180-day compliance period was based on reported equity of $12.4M; the restated Sept 30, 2023 period now shows a deficit of $(15.4M).
Nasdaq stated it cannot accept a compliance plan; Orgenesis plans to timely request a hearing before the Panel, which stays delisting pending the outcome.
Common stock will remain listed and trading on Nasdaq at least until the hearing process concludes.
There is no assurance the company will regain compliance or maintain its Nasdaq listing.

Key facts

Extracted from this filing and checked against the source text.

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

Orgenesis Inc. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(a)(2), 5550(b)(1), 5810(c)(2)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(a)(2), 5550(b)(1), 5810(c)(2)(A)

Exact text from the filing

000 minimum stockholders’ equity requirement for initial listing on The Nasdaq Capital Market. In addition, the Staff informed the Company that it longer meets the minimum $2,500,000 stockholders’ equity requirement for continued listing on The Nasdaq Capital Market, in accordance with Listing Rule 5550(b)(1). In accordance with Listing Rule 5810(c)(2)(A), the Staff stated that it cannot accept a plan to regain compliance and that as such, this matter is an additional and separate basis for delisting the Company’s securities from The Nasdaq Stock Market. The Staff stated that the Company’s sec

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Source: SEC EDGAR

accession 0001493152-24-015330

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