Summary by Moomoo AI
Smart for Life, Inc., a company listed on The Nasdaq Stock Market LLC, is facing delisting due to non-compliance with Nasdaq's stockholders' equity requirement. The company's Form 10-Q for the quarter ended September 30, 2023, showed stockholders' equity of $951,836, which is below the required $2,500,000. Following a notification from Nasdaq on December 5, 2023, Smart for Life requested a hearing to appeal the delisting decision. The hearing has stayed the delisting process. Additionally, on January 5, 2024, Smart for Life received another notification from Nasdaq regarding non-compliance for not holding an annual shareholder meeting in 2023. This issue will also be addressed in the hearings panel's determination of the company's continued listing. Smart for Life plans to present a strategy to regain compliance with the Equity Rule and address the annual meeting deficiency, seeking an extension to execute its plan. However, there is no guarantee that Nasdaq will accept the plan or that the company will achieve compliance.