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ProSomnus | 8-K: Current report

SEC announcement · Mar 22 16:18

OSA +0.00%

Summary by Moomoo AI

ProSomnus, Inc., a company listed on the Nasdaq Global Market under the trading symbol OSA, has reported a failure to comply with Nasdaq's minimum Market Value of Publicly Held Shares (MVPHS) requirement of $15 million as of the compliance deadline on March 18, 2024. The company received a determination letter from Nasdaq on March 19, 2024, confirming its non-compliance. ProSomnus had previously disclosed its non-compliance and its intention to appeal the delisting determination related to the Market Value of Listed Securities (MVLS) requirement. A hearing with the Nasdaq Hearings Panel has been scheduled, where ProSomnus plans to present a compliance plan addressing both the MVPHS and MVLS requirements. The company also faces non-compliance with Nasdaq's minimum bid price requirement, with a compliance period ending on April 30, 2024. ProSomnus has stated that there is no assurance that the Panel will accept its compliance plan or that the company will be able to regain compliance with Nasdaq's listing requirements. The potential delisting of ProSomnus' securities could negatively impact the ability to trade its securities, obtain accurate quotations, and could materially affect the securities' price. It may also hinder the company's ability to raise capital and trigger defaults under existing agreements.

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This announcement is a separate document:

Doc 1

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