LAVAL, QC - Neptune Wellness Solutions Inc. (NASDAQ:NEPT), a consumer-packaged goods company, is set to be delisted from the Nasdaq Stock Market following the upholding of a delisting determination by the Nasdaq Hearings Panel. The company's common shares will cease trading on Nasdaq as of the opening of business on March 7, 2024.
Neptune was initially notified by Nasdaq on November 30, 2023, of non-compliance with the minimum bid price requirement, as its shares closed below the required $1.00 for 30 consecutive trading days. Additionally, the company did not meet the minimum stockholders' equity requirement of $2.5 million. Despite an appeal and a hearing on February 29, 2024, the Panel decided against granting additional time for Neptune to rectify these deficiencies.
The company now intends to have its common shares quoted on the OTCQB Venture Market of the OTCMarkets. This move follows the Panel's decision, which Neptune has the option to request a review of within 15 days.
Neptune, established in 1998 and based in Laval, Quebec, with a U.S. headquarters in Jupiter, Florida, specializes in health and wellness products. Their portfolio includes organic food and beverage brands such as Sprout Organics, Nosh, and Nurturme, as well as nutraceuticals brands like Biodroga and Forest Remedies. The company's products are distributed in over 29,000 retail locations, and it prides itself on its ability to quickly meet consumer demand through its manufacturing and supply chain infrastructure.
The company's current financial situation is precarious, with minimal cash on hand as of the date of the press release, and it is actively seeking funding options to continue operations. The lack of resources and the current share price pose significant challenges to raising new capital and maintaining its business strategy. If Neptune fails to secure necessary funding shortly, it may have to cease operations and liquidate assets.
This news is based on a press release statement from Neptune Wellness Solutions Inc. and reflects the company's current status and future plans regarding its stock market listings.
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