SmileDirectClub, Inc.: Nasdaq/NYSE listing notice — SmileDirectClub receives Nasdaq delisting notice; Align arbitration final award against company

SmileDirectClub, Inc.

Nasdaq notified SDC on May 18, 2023 that its stock is subject to delisting for failure to meet minimum bid price; company will request a hearing.
On May 18, 2023, arbitrator issued final award against SDC in Align Technology arbitration; SDC plans to file motion to vacate the award.
SDC expects positive Adjusted EBITDA by Q3 2023 and positive Free Cash Flow by Q4 2023; evaluating options including reverse stock split.
Final arbitration award must be confirmed by California state court; SDC will vigorously oppose confirmation.

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 0.97

SmileDirectClub, 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

May 18, 2023, the Staff notified the Company that, based upon the Company’s continued non-compliance with the Rule as of May 17, 2023, the Company’s securities were subject to delisting unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the “Panel”). The Company plans to timely request a hearing before the Panel; that request will stay any further action by Nasdaq at least pending the issuance of the Panel’s decision following the hearing and the expiration of any extension that may be granted to the Company by the Panel. The Company believes that its strategic growth

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Source: SEC EDGAR

accession 0001775625-23-000063

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