Above Food Ingredients Appeal Staff Determination Notice from Nasdaq
Above Food Ingredients (NASDAQ: ABVE) has requested a hearing and extended stay following a staff determination notice from Nasdaq on April 14, 2025. The company faces two compliance issues: falling below the $1.00 minimum bid price requirement since October 2024 and failing to file its July 2024 interim financial statements.
The hearing is scheduled for May 22, 2025, with ABVE expressing confidence in regaining compliance before this date. The company cites its March 2025 restructuring, which eliminated most corporate debt and improved operational profitability, along with the pending Palm transaction announced in February 2025, as key factors expected to enhance shareholder value and address the minimum bid price requirement.
ABVE plans to file the required Form 6-K before April 30, 2025, to resolve the financial reporting deficiency. The company emphasizes that its operations remain unaffected by these listing compliance matters.
Above Food Ingredients (NASDAQ: ABVE) ha richiesto un'udienza e una proroga dopo aver ricevuto una comunicazione dal Nasdaq il 14 aprile 2025. L'azienda deve affrontare due problemi di conformità: il prezzo minimo di offerta inferiore a $1,00 da ottobre 2024 e il mancato deposito dei bilanci intermedi di luglio 2024.
L'udienza è fissata per il 22 maggio 2025 e ABVE è fiduciosa di tornare in regola entro quella data. L'azienda indica come fattori chiave la ristrutturazione di marzo 2025, che ha eliminato gran parte del debito societario e migliorato la redditività operativa, e la transazione Palm annunciata a febbraio 2025, che dovrebbe aumentare il valore per gli azionisti e risolvere il problema del prezzo minimo di offerta.
ABVE prevede di presentare il modulo 6-K richiesto entro il 30 aprile 2025 per risolvere la carenza nella rendicontazione finanziaria. L'azienda sottolinea che le sue operazioni non sono influenzate da queste questioni di conformità al listino.
Above Food Ingredients (NASDAQ: ABVE) ha solicitado una audiencia y una prórroga tras recibir una notificación del personal de Nasdaq el 14 de abril de 2025. La compañía enfrenta dos problemas de cumplimiento: el precio mínimo de oferta por debajo de $1.00 desde octubre de 2024 y el incumplimiento en la presentación de los estados financieros interinos de julio de 2024.
La audiencia está programada para el 22 de mayo de 2025, y ABVE confía en recuperar el cumplimiento antes de esa fecha. La empresa destaca su reestructuración de marzo de 2025, que eliminó la mayor parte de la deuda corporativa y mejoró la rentabilidad operativa, junto con la transacción Palm pendiente anunciada en febrero de 2025, como factores clave para aumentar el valor para los accionistas y cumplir con el requisito del precio mínimo de oferta.
ABVE planea presentar el Formulario 6-K requerido antes del 30 de abril de 2025 para resolver la deficiencia en los informes financieros. La compañía enfatiza que sus operaciones no se ven afectadas por estos asuntos de cumplimiento de listado.
Above Food Ingredients (NASDAQ: ABVE)는 2025년 4월 14일 나스닥 직원 결정 통지에 따라 청문회 요청과 연장 체류를 신청했습니다. 회사는 두 가지 준수 문제에 직면해 있습니다: 2024년 10월부터 $1.00 미만의 최저 입찰가 유지와 2024년 7월 중간 재무제표 미제출입니다.
청문회는 2025년 5월 22일로 예정되어 있으며, ABVE는 이 날짜 이전에 준수를 회복할 것이라 자신합니다. 회사는 2025년 3월 구조조정으로 대부분의 기업 부채를 해소하고 운영 수익성을 개선했으며, 2025년 2월 발표된 Palm 거래가 주주 가치를 높이고 최저 입찰가 요건을 충족할 중요한 요인이라고 설명합니다.
ABVE는 2025년 4월 30일 이전에 필요한 Form 6-K를 제출해 재무 보고 부족 문제를 해결할 계획입니다. 회사는 이러한 상장 준수 문제에도 불구하고 운영에는 영향을 받지 않는다고 강조합니다.
Above Food Ingredients (NASDAQ : ABVE) a demandé une audience et une prolongation suite à une notification du personnel de Nasdaq en date du 14 avril 2025. La société fait face à deux problèmes de conformité : un prix d'offre minimum inférieur à 1,00 $ depuis octobre 2024 et le non-dépôt de ses états financiers intermédiaires de juillet 2024.
L'audience est prévue pour le 22 mai 2025, ABVE exprimant sa confiance à retrouver la conformité avant cette date. La société cite sa restructuration de mars 2025, qui a éliminé la majeure partie de la dette d'entreprise et amélioré la rentabilité opérationnelle, ainsi que la transaction Palm annoncée en février 2025, comme des facteurs clés devant accroître la valeur pour les actionnaires et répondre à l'exigence du prix d'offre minimum.
ABVE prévoit de déposer le formulaire 6-K requis avant le 30 avril 2025 afin de résoudre le défaut de déclaration financière. La société souligne que ses opérations ne sont pas affectées par ces questions de conformité au listing.
Above Food Ingredients (NASDAQ: ABVE) hat nach einer Mitteilung des Nasdaq-Mitarbeiters vom 14. April 2025 eine Anhörung und eine Verlängerung beantragt. Das Unternehmen steht vor zwei Compliance-Problemen: dem Unterschreiten der Mindestgebotspreisanforderung von $1,00 seit Oktober 2024 und der Nichtvorlage der Zwischenfinanzberichte für Juli 2024.
Die Anhörung ist für den 22. Mai 2025 angesetzt, und ABVE ist zuversichtlich, bis dahin die Compliance wiederherzustellen. Das Unternehmen verweist auf die Umstrukturierung im März 2025, die den Großteil der Unternehmensschulden beseitigte und die operative Profitabilität verbesserte, sowie auf die im Februar 2025 angekündigte Palm-Transaktion, die den Aktionärswert steigern und die Mindestgebotspreisanforderung erfüllen soll.
ABVE plant, das erforderliche Formular 6-K bis zum 30. April 2025 einzureichen, um die finanzielle Berichtspflicht zu erfüllen. Das Unternehmen betont, dass die Geschäftstätigkeit von diesen Compliance-Themen nicht beeinträchtigt ist.
- March 2025 restructuring eliminated majority of corporate debt
- Improved operational profitability trajectory
- Pending Palm transaction expected to enhance shareholder value
- Operations remain unaffected by listing compliance issues
- Stock trading below $1.00 minimum bid requirement since October 2024
- Failed to file required interim financial statements for July 2024
- Risk of potential Nasdaq delisting if compliance is not achieved
- Delayed financial reporting due to restructuring impact
Insights
ABVE faces dual Nasdaq compliance issues threatening its listing status, despite management's confidence in resolving them through recent restructuring efforts.
Above Food Ingredients is confronting two critical Nasdaq compliance violations that place its listing status at risk. First, the company has failed to maintain the minimum
The scheduled May 22 hearing represents a pivotal moment where management must convince Nasdaq of viable compliance plans. While the company projects confidence about meeting requirements "well in advance" of this date, the extended duration of non-compliance suggests potential structural challenges. The commitment to file missing financials before April 30 is a positive step, but the significant reporting delay remains concerning for proper market transparency.
The March 2025 restructuring appears substantial with claims of eliminated corporate debt and improved operational trajectory, but specific details remain Similarly, the referenced "Palm transaction" is positioned as value-enhancing without concrete metrics. To satisfy the minimum bid price requirement, ABVE's stock would need to nearly double in value from current levels.
The combination of extended bid price non-compliance, significantly delayed financial reporting, and a major restructuring with specifics creates material uncertainty for shareholders, despite management's expressed confidence in resolution.
Regina, Saskatchewan--(Newsfile Corp. - April 22, 2025) - Above Food Ingredients Inc. (NASDAQ: ABVE) ("the Company") announced that on April 21, 2025, the Company requested a hearing and extended stay in response to a staff determination notice received from the Listings Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on April 14, 2025. The hearing is scheduled to take place on May 22, 2025, and the Company is confident of regaining compliance with all applicable requirements for continued listing well in advance of this date.
The Company had previously received notice on October 10, 2024, that it was not in compliance with the minimum bid price requirement as set forth under Nasdaq Listing Rule 5450(a)(1), as the closing bid price of the Company's listed securities was below
As a result of the significant restructuring, which impacted on the Company's ability to report on a timely basis, it has not yet filed its interim balance sheet and income statement for the period ended July 31, 2024, on Form 6-K, and therefore does not comply with Listing Rule 5250(c)(2). The Company intends to remedy this deficiency with the filing of the Form 6-K before April 30 and well ahead of the hearing date.
The Company's operations are not affected by the receipt of the Staff Determination Notice.
About Above Food Ingredients Inc.
Above Food Ingredients Inc. (NASDAQ: ABVE) is an ingredient company that delivers products made with real, nutritious, flavorful ingredients produced with transparency. The Company's vision is to create a healthier world - one seed, one field, and one bite at a time. With a robust chain of custody of plant proteins, enabled by scaled operations and infrastructure in primary agriculture and processing, and proprietary seed development capabilities that leverage the power of artificial intelligence-driven genomics and agronomy, the Company delivers nutritious foods to businesses and consumers with traceability and sustainability.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain "forward-looking information" within the meaning of the United States federal securities laws and applicable Canadian securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," future," "opportunity," "plan," "may," "should," "will," "could," "will be," will continue," and similar expressions and include, without limitation, statements about the ability of or expectations regarding the future performance of our business and operations.
Forward-looking statements are based on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider all of the risks and uncertainties described in the documents filed by the Company with the United States Securities and Exchange Commission, which is available on EDGAR at www.sec.gov/edgar.shtml. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide the Company's expectations, plans or forecasts of future events and views as of the date of this communication. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward-looking statements in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249443
FAQ
Why did Above Food Ingredients (ABVE) receive a Nasdaq staff determination notice in April 2025?
What is the deadline for Above Food Ingredients (ABVE) to regain Nasdaq compliance?
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