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Green Giant | 8-K: Current report

SEC announcement ·  Apr 6 05:24
Summary by Futu AI
On March 28, 2024, Green Giant Inc. received a notice from Nasdaq Listing Qualifications Staff regarding a deficiency that could lead to delisting. The notice was issued due to the company's issuance of future priced securities which caused significant dilution of stockholder value and violated Nasdaq Listing Rule 5635(d). This rule mandates shareholder approval for any issuance of more than 20% of stock at a price below the minimum set price. Although the notice does not immediately affect Green Giant's listing and trading on Nasdaq, the company attended a hearing with the Nasdaq Hearings Panel on April 4, 2024, to address the issue. The outcome of the hearing will determine whether Green Giant can demonstrate compliance with the continued listing requirements. The company's ability to meet these requirements in the future remains uncertain, and failure to do so could result in the delisting of its ordinary shares, negatively impacting their liquidity and marketability. Green Giant disclosed the notification in accordance with Nasdaq Listing Rule 5810(b).
On March 28, 2024, Green Giant Inc. received a notice from Nasdaq Listing Qualifications Staff regarding a deficiency that could lead to delisting. The notice was issued due to the company's issuance of future priced securities which caused significant dilution of stockholder value and violated Nasdaq Listing Rule 5635(d). This rule mandates shareholder approval for any issuance of more than 20% of stock at a price below the minimum set price. Although the notice does not immediately affect Green Giant's listing and trading on Nasdaq, the company attended a hearing with the Nasdaq Hearings Panel on April 4, 2024, to address the issue. The outcome of the hearing will determine whether Green Giant can demonstrate compliance with the continued listing requirements. The company's ability to meet these requirements in the future remains uncertain, and failure to do so could result in the delisting of its ordinary shares, negatively impacting their liquidity and marketability. Green Giant disclosed the notification in accordance with Nasdaq Listing Rule 5810(b).
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