Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ:NEPT), a consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced that it has received a letter from the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based on the reported stockholders’ equity of Neptune as reported in its recent Annual Report on Form 10-K, the Company does not meet the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market under the equity criteria under Nasdaq Listing Rule 5550(b)(1) stating listed companies must maintain stockholders’ equity of at least $2,500,000.
The Nasdaq notification letter has no immediate effect on the Company’s business operations or the listing of the Company’s common shares, and they will continue to trade on the Nasdaq Capital Market under the symbol “NEPT”.
Pursuant to the Nasdaq Listing Rule 5550(b)(1) the Company has 45 calendar days, or until September 5, 2023, to submit a plan to regain compliance. If the plan is accepted, Nasdaq can grant an extension of 180 calendar days from the date of the letter to evidence compliance.
The Company intends to regain compliance within the applicable compliance period and is currently working on a plan to submit to Nasdaq.
