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8-K: Current report

SEC announcement ·  Jun 29 04:34
Summary by Futu AI
AgriFORCE Growing Systems, Ltd., a company listed on The Nasdaq Capital Market under the trading symbol AGRI, has received a Staff Listing Determination Letter from Nasdaq on June 24, 2024, indicating a potential delisting due to non-compliance with the minimum bid price requirement. The company's common shares had been trading below $1 for over 30 consecutive business days, violating Listing Rule 5550(a)(2). The situation worsened as the share price dropped to $0.10 or less for ten consecutive trading days between June 6 and June 21, 2024. As a result, Nasdaq has decided to proceed with delisting the company's securities. AgriFORCE Growing Systems plans to request a hearing before a Nasdaq Hearings Panel by July 1, 2024, to appeal the delisting decision. This request will stay the delisting process until the hearing and any potential extension period granted by the Panel, which could extend up to December 23, 2024. However, there is no guarantee that the Panel will grant an extension or that the company will be able to regain compliance with Nasdaq's continued listing requirements.
AgriFORCE Growing Systems, Ltd., a company listed on The Nasdaq Capital Market under the trading symbol AGRI, has received a Staff Listing Determination Letter from Nasdaq on June 24, 2024, indicating a potential delisting due to non-compliance with the minimum bid price requirement. The company's common shares had been trading below $1 for over 30 consecutive business days, violating Listing Rule 5550(a)(2). The situation worsened as the share price dropped to $0.10 or less for ten consecutive trading days between June 6 and June 21, 2024. As a result, Nasdaq has decided to proceed with delisting the company's securities. AgriFORCE Growing Systems plans to request a hearing before a Nasdaq Hearings Panel by July 1, 2024, to appeal the delisting decision. This request will stay the delisting process until the hearing and any potential extension period granted by the Panel, which could extend up to December 23, 2024. However, there is no guarantee that the Panel will grant an extension or that the company will be able to regain compliance with Nasdaq's continued listing requirements.
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