Reporting Requirements
Above Food Ingredients (NASDAQ: ABVE) has received a staff determination notice from Nasdaq on February 25, 2025, due to delayed filing of its Form 6-K for the period ended July 31, 2024. The company is non-compliant with Nasdaq Listing Rule 5250(c)(2), which requires submission of interim financial statements within six months of the second quarter end.
The company has 60 calendar days to submit a Compliance Plan to Nasdaq. If accepted, Nasdaq may grant up to 180 days (until July 30, 2025) to regain compliance. The filing delay was attributed to accommodate the impacts of a recent strategic restructuring and successful fundraise.
The notice has no immediate effect on ABVE's Nasdaq Capital Market listing. The company plans to use proceeds from recent financing to complete the Form 6-K filing within the 60-day period, citing improved financial position through substantial debt elimination and transition towards profitability.
Above Food Ingredients (NASDAQ: ABVE) ha ricevuto una comunicazione di determinazione dallo staff di Nasdaq il 25 febbraio 2025, a causa del ritardo nella presentazione del suo Modulo 6-K per il periodo terminato il 31 luglio 2024. L'azienda non è conforme alla Regola di Quotazione 5250(c)(2) di Nasdaq, che richiede la presentazione di dichiarazioni finanziarie interim entro sei mesi dalla fine del secondo trimestre.
L'azienda ha 60 giorni di calendario per presentare un Piano di Conformità a Nasdaq. Se accettato, Nasdaq può concedere fino a 180 giorni (fino al 30 luglio 2025) per ripristinare la conformità. Il ritardo nella presentazione è stato attribuito alla necessità di gestire gli impatti di una recente ristrutturazione strategica e a un raccolta fondi di successo.
La comunicazione non ha effetti immediati sulla quotazione di ABVE nel mercato di capitali Nasdaq. L'azienda prevede di utilizzare i proventi del recente finanziamento per completare la presentazione del Modulo 6-K entro il periodo di 60 giorni, citando una posizione finanziaria migliorata grazie a una sostanziale eliminazione del debito e a una transizione verso la redditività.
Above Food Ingredients (NASDAQ: ABVE) ha recibido un aviso de determinación del personal de Nasdaq el 25 de febrero de 2025, debido al retraso en la presentación de su Formulario 6-K para el período que finalizó el 31 de julio de 2024. La empresa no cumple con la Regla de Cotización 5250(c)(2) de Nasdaq, que exige la presentación de estados financieros interinos dentro de los seis meses posteriores al final del segundo trimestre.
La empresa tiene 60 días calendario para presentar un Plan de Cumplimiento a Nasdaq. Si es aceptado, Nasdaq puede otorgar hasta 180 días (hasta el 30 de julio de 2025) para recuperar la conformidad. El retraso en la presentación se atribuyó a la necesidad de acomodar los impactos de una reciente reestructuración estratégica y a una exitosa recaudación de fondos.
El aviso no tiene efecto inmediato en la cotización de ABVE en el mercado de capitales de Nasdaq. La empresa planea utilizar los ingresos de la financiación reciente para completar la presentación del Formulario 6-K dentro del período de 60 días, citando una posición financiera mejorada a través de la eliminación sustancial de deudas y una transición hacia la rentabilidad.
Above Food Ingredients (NASDAQ: ABVE)는 2025년 2월 25일 Nasdaq로부터 직원 결정 통지를 받았습니다. 이는 2024년 7월 31일로 종료된 기간에 대한 6-K 양식 제출 지연 때문입니다. 회사는 Nasdaq 상장 규칙 5250(c)(2)를 준수하지 않으며, 이는 2분기 종료 후 6개월 이내에 중간 재무 제표 제출을 요구합니다.
회사는 Nasdaq에 60일의 달력을 제출할 수 있는 기간이 있습니다. 수락될 경우, Nasdaq은 최대 180일(2025년 7월 30일까지) 동안 준수를 회복할 수 있도록 허용할 수 있습니다. 제출 지연은 최근 전략적 재구성과 성공적인 자금 조달의 영향을 수용하기 위한 것으로 설명되었습니다.
이 통지는 ABVE의 Nasdaq 자본 시장 상장에 즉각적인 영향을 미치지 않습니다. 회사는 최근 자금 조달의 수익을 사용하여 60일 이내에 6-K 양식 제출을 완료할 계획이며, 이는 상당한 부채 제거와 수익성으로의 전환을 통한 재무 상태 개선을 언급하고 있습니다.
Above Food Ingredients (NASDAQ: ABVE) a reçu un avis de détermination du personnel de Nasdaq le 25 février 2025, en raison du retard dans le dépôt de son Formulaire 6-K pour la période se terminant le 31 juillet 2024. L'entreprise n'est pas conforme à la Règle de Cotation 5250(c)(2) de Nasdaq, qui exige la soumission d'états financiers intermédiaires dans les six mois suivant la fin du deuxième trimestre.
L'entreprise a 60 jours calendaires pour soumettre un Plan de Conformité à Nasdaq. Si accepté, Nasdaq peut accorder jusqu'à 180 jours (jusqu'au 30 juillet 2025) pour retrouver la conformité. Le retard de dépôt a été attribué à la nécessité de tenir compte des impacts d'une récente restructuration stratégique et d'une collecte de fonds réussie.
L'avis n'a aucun effet immédiat sur la cotation d'ABVE sur le marché des capitaux Nasdaq. L'entreprise prévoit d'utiliser les produits d'un récent financement pour compléter le dépôt du Formulaire 6-K dans le délai de 60 jours, citant une amélioration de sa situation financière grâce à une élimination substantielle de la dette et une transition vers la rentabilité.
Above Food Ingredients (NASDAQ: ABVE) hat am 25. Februar 2025 eine Mitteilung über eine Feststellung von Nasdaq erhalten, aufgrund der verspäteten Einreichung seines Formulars 6-K für den Zeitraum bis zum 31. Juli 2024. Das Unternehmen verstößt gegen die Nasdaq-Listing-Regel 5250(c)(2), die die Einreichung von Zwischenfinanzberichten innerhalb von sechs Monaten nach Ende des zweiten Quartals vorschreibt.
Das Unternehmen hat 60 Kalendertage, um einen Compliance-Plan bei Nasdaq einzureichen. Wenn dieser akzeptiert wird, kann Nasdaq bis zu 180 Tage (bis zum 30. Juli 2025) gewähren, um die Konformität wiederherzustellen. Die Einreichungsverzögerung wurde darauf zurückgeführt, dass die Auswirkungen einer kürzlichen strategischen Umstrukturierung und einer erfolgreichen Kapitalbeschaffung berücksichtigt werden mussten.
Die Mitteilung hat keine unmittelbaren Auswirkungen auf die Nasdaq-Kapitalmarktliste von ABVE. Das Unternehmen plant, die Einnahmen aus der jüngsten Finanzierung zu verwenden, um die Einreichung des Formulars 6-K innerhalb des 60-Tage-Zeitraums abzuschließen, und verweist auf eine verbesserte Finanzlage durch eine erhebliche Schuldenreduzierung und den Übergang zur Rentabilität.
- Recent financing has improved financial position
- Substantial elimination of debt from balance sheet
- Company transitioning towards profitability
- Well-capitalized to execute Compliance Plan
- Non-compliance with Nasdaq listing requirements
- Delayed filing of Form 6-K financial statements
- Risk of potential delisting if compliance not achieved
- Required to submit Compliance Plan within 60 days
Insights
Above Food's Nasdaq non-compliance notice represents a significant regulatory challenge with potential listing implications. The company has failed to file its required Form 6-K for the period ended July 31, 2024, triggering formal notice from Nasdaq. Their shares remain listed for now, but this begins a structured remediation process.
The company now faces critical deadlines: 60 days to submit a Compliance Plan, which if accepted, could extend their remediation window to 180 days (until July 30, 2025). This timeline provides a reasonable opportunity to address the issue without immediate trading disruption.
What's particularly interesting is management's attribution of the delay to recent positive developments - specifically a strategic restructuring and successful fundraise that would materially impact their financial reporting. The company claims these actions have "significantly improved" their financial position through "substantial elimination of debt" and progression toward profitability.
While the non-compliance itself is concerning, the company's assertion that it will use newly raised capital to complete the required filing within the 60-day window suggests confident financial footing. The key question for investors is whether management can execute on this commitment, as failure to meet compliance deadlines could eventually lead to more severe consequences including potential delisting.
The non-compliance notice itself is secondary to what's happening beneath the surface at Above Food. Reading between the lines, this appears to be a company in active transformation. The strategic restructuring mentioned suggests a fundamental business reorganization, while the successful fundraise indicates investor confidence despite the compliance issue.
Most telling is the claim of "substantial elimination of debt" from the balance sheet. For a microcap company with a market cap of just
The mention of "transition towards profitability" signals the company may have been operating at a loss, but believes its restructuring efforts will change this trajectory. The deliberate delay in filing financial statements likely indicates management wanted to present a dramatically improved financial picture rather than outdated results that don't reflect recent positive developments.
However, investors should note the conspicuous absence of specific figures regarding the fundraise amount, debt reduction specifics, or profitability metrics. The company's statement that it will be "well capitalized to execute on the Compliance Plan" suggests the recent capital infusion was substantial relative to their size, but verification awaits the delayed financial filings.
This scenario aligns with patterns seen in companies undergoing significant financial transformation - temporary compliance issues amid more fundamental positive restructuring.
Regina, Saskatchewan--(Newsfile Corp. - March 26, 2025) - Above Food Ingredients Inc. (NASDAQ: ABVE) ("Above Food" or the "Company"), a leader in sustainable, vertically integrated food systems, today announced that it received a staff determination notice on February 25, 2025, from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that due to its delay in filing its form 6-K for the period ended July 31, 2024, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(2), which requires that the Company submit on a Form 6-K an interim balance sheet and income statement as of the end of its second quarter, no later than six months following the end of the Company's second quarter.
The filing of this 6-K was delayed in order to accommodate the positive impacts the recently announced strategic restructuring and successful fundraise is expected to have on the financial reporting and outlook of the Company.
Under Nasdaq rules, the Company has 60 calendar days from receipt of the notice to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule (the "Compliance Plan"). If the Company submits a Compliance Plan, and Nasdaq accepts the Compliance Plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until July 30, 2025, to regain compliance.
The recent restructuring and capital raise by the Company have significantly improved the Company's financial position through the substantial elimination of debt from the balance sheet and its transition towards profitability. The Company intends to use a portion of the proceeds from this recently announced financing to complete the filing of the Form 6-K within the 60-day period and will be well capitalized to execute on the Compliance Plan.
The Notice has no immediate effect on the listing of the Company's common shares on the Nasdaq Capital Market. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Above Food Ingredients Inc.
Above Food Ingredients Inc. (NASDAQ: ABVE) is an ingredient company that delivers products made with real, nutritious, flavourful 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/246135
FAQ
What is the deadline for Above Food (ABVE) to submit its Compliance Plan to Nasdaq?
Why did Above Food (ABVE) delay filing its Form 6-K for July 31, 2024?
Will Above Food's (ABVE) stock be immediately delisted from Nasdaq?
How long does Above Food (ABVE) have to regain compliance with Nasdaq listing rules?
