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Smart for Life | 8-K: Current report

SEC announcement ·  Apr 30 17:03
Summary by Moomoo AI
Smart for Life, Inc., a company listed on The Nasdaq Stock Market, is facing multiple compliance issues that could lead to the delisting of its securities. The company initially received a notification from Nasdaq on December 5, 2023, for not meeting the stockholders' equity requirement of $2.5 million, as its equity was reported at $951,836. Smart for Life requested a hearing to appeal the delisting decision. Additionally, on January 5, 2024, Nasdaq notified the company of non-compliance due to not holding an annual meeting in 2023. Further complicating matters, on April 17, 2024, Smart for Life was notified of its delinquency in filing its Form 10-K for the year ended December 31, 2023. The most recent issue, as of April 24, 2024, is the company's stock price closing below $1.00 for 30 consecutive...Show More
Smart for Life, Inc., a company listed on The Nasdaq Stock Market, is facing multiple compliance issues that could lead to the delisting of its securities. The company initially received a notification from Nasdaq on December 5, 2023, for not meeting the stockholders' equity requirement of $2.5 million, as its equity was reported at $951,836. Smart for Life requested a hearing to appeal the delisting decision. Additionally, on January 5, 2024, Nasdaq notified the company of non-compliance due to not holding an annual meeting in 2023. Further complicating matters, on April 17, 2024, Smart for Life was notified of its delinquency in filing its Form 10-K for the year ended December 31, 2023. The most recent issue, as of April 24, 2024, is the company's stock price closing below $1.00 for 30 consecutive business days, which violates Nasdaq's Bid Rule. Due to previous reverse stock splits, Smart for Life is not eligible for the standard 180-day compliance period to rectify the Bid Rule deficiency. The company presented a plan to regain compliance at a hearing on March 12, 2024, and believes its restructuring plan, which has increased stockholder's equity to over $6 million, will be sufficient. However, there is no guarantee that Nasdaq will accept the plan or that the company will regain compliance with the Equity Rule or the Bid Rule.

This announcement is a separate document:

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