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ProSomnus | 8-K: Current report

SEC announcement ·  Feb 17 06:08
Summary by Futu AI
ProSomnus, a company listed on the Nasdaq, is facing delisting after failing to meet the Nasdaq's minimum Market Value of Listed Securities (MVLS) requirement of $50 million. The company was initially notified of its non-compliance on August 14, 2023, and was given 180 days to regain compliance, a deadline which expired on February 12, 2024. ProSomnus received a determination letter on February 13, 2024, confirming its failure to meet the MVLS requirement. The company has requested a hearing with the Nasdaq Hearings Panel on February 16, 2024, to appeal the delisting decision and will present a plan to regain compliance. ProSomnus is also not in compliance with the minimum bid price and the minimum Market Value of Publicly Held Shares requirements, with respective deadlines of March 18, 2024, and April 30, 2024. The potential delisting could negatively impact the company's ability to trade its securities and raise capital.
ProSomnus, a company listed on the Nasdaq, is facing delisting after failing to meet the Nasdaq's minimum Market Value of Listed Securities (MVLS) requirement of $50 million. The company was initially notified of its non-compliance on August 14, 2023, and was given 180 days to regain compliance, a deadline which expired on February 12, 2024. ProSomnus received a determination letter on February 13, 2024, confirming its failure to meet the MVLS requirement. The company has requested a hearing with the Nasdaq Hearings Panel on February 16, 2024, to appeal the delisting decision and will present a plan to regain compliance. ProSomnus is also not in compliance with the minimum bid price and the minimum Market Value of Publicly Held Shares requirements, with respective deadlines of March 18, 2024, and April 30, 2024. The potential delisting could negatively impact the company's ability to trade its securities and raise capital.
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