Brüush Receives Additional Delisting Notification to Address at Hearing
- None.
- Potential delisting from Nasdaq due to filing delinquency and failure to meet bid price requirements.
Insights
The notice of potential delisting received by Bruush Oral Care Inc. from Nasdaq is a significant event with potential repercussions for the company's financial health and investor confidence. Delisting often leads to reduced liquidity and access to capital, as many institutional investors are mandated to invest in listed securities. The stock price, already below the $1 threshold, reflects market concerns about the company's financial stability and compliance with exchange regulations.
In assessing the company's situation, it is important to consider the broader implications of failing to file an annual report. This delay raises questions about the company's internal controls and governance practices. Investors should monitor the company's ability to address these issues promptly as they may impact future financial performance and operational efficiency.
The legal process initiated by Bruush Oral Care Inc. to appeal the Nasdaq's delisting determination underscores the procedural rights afforded to companies under Nasdaq's Listing Rule 5800 Series. The scheduled hearing offers the company an opportunity to present a plan to regain compliance. However, investors should be aware of the legal uncertainties and the time-consuming nature of such proceedings.
It is important for stakeholders to understand that the outcome of the hearing is not guaranteed and the company's securities may still face delisting. This uncertainty can have a chilling effect on the stock as the market digests the potential risks associated with the company's legal and regulatory challenges.
The oral care industry is competitive, with innovation and regulatory compliance being key factors for success. Bruush Oral Care Inc.'s current predicament may offer competitors an advantage in terms of market share and investor confidence. If Bruush fails to convince the Panel of its plan to regain compliance, the company could face significant barriers to market re-entry.
Investors should also consider the impact of consumer perception on Bruush's brand value and sales, as publicized financial and regulatory struggles can affect consumer trust. The company's ability to maintain customer loyalty and attract new users during this period could be pivotal for its recovery.
VANCOUVER, BC / ACCESSWIRE / March 25, 2024 / Bruush Oral Care Inc. (NASDAQ:BRSH) (the "Company"), today announced that it has received a notice from the Listing Qualifications Department of The Nasdaq Stock Market, LLC ("Nasdaq") on March 20, 2024 notifying the Company that because the Company is delinquent in filing its annual report on Form 20-F for the year ended October 31, 2023, this deficiency serves as an additional basis for delisting the Company's securities from Nasdaq per Listing Rule 5810(d). This deficiency will be considered by the Hearings Panel (the "Panel") at a hearing that has been scheduled for April 25, 2024 to address the Company's other current deficiencies.
As previously reported on November 15, 2023, the Company also currently fails to satisfy the requirements that the closing bid price of its common shares remain at
On February 28, 2024, the Company elected to appeal Nasdaq's delisting determination and requested a hearing before the Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The hearing has been scheduled for April 25, 2024.
The hearing process automatically stays the suspension of the Company's common shares pending the Panel's decision and the expiration of any additional extension period granted by the Panel following the hearing. At the hearing, the Company intends to present a plan to regain compliance with the applicable rules for continued listing. There can be no assurance as to the decision of the Panel.
About Bruush Oral Care Inc.
Bruush Oral Care Inc. is on a mission to inspire confidence through brighter smiles and better oral health. Founded in 2018, Brüush is an oral care company that is disrupting the space by reducing the barriers between consumers and access to premium oral care products. The Company is an e-commerce business with a product portfolio that currently consists of a sonic-powered electric toothbrush kit and brush head refills. Brüush has developed a product to make upgrading to an electric brush appealing with three core priorities in mind: (i) a high-quality electric toothbrush at a more affordable price than a comparable electric toothbrush from the competition; (ii) a sleek, countertop-friendly design; and (iii) a convenient brush head refill subscription program that eliminates the frustrating experience of purchasing replacement brush heads at the grocery/drug store. The Company is rooted in building a brand that creates relevant experiences and content, with the goal of becoming the go-to oral care brand for millennials and Generation Z.
For more information on Brüush visit: https://bruush.com
Safe Harbor Forward-Looking Statements
This press release of Bruush Oral Care Inc. contains "forward-looking statements". Words such as "may", "will", "could", "should", "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" and other comparable terminology are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses its vision, its strategy, and its products. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there could be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking statements except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statement, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.
Contact: support@bruush.com
SOURCE: Bruush Oral Care Inc.
View the original press release on accesswire.com
FAQ
Why is Bruush Oral Care Inc. (BRSH) facing potential delisting from Nasdaq?
When is the hearing scheduled for Bruush Oral Care Inc. (BRSH) regarding potential delisting?
What triggered the notice of delisting for Bruush Oral Care Inc. (BRSH)?
What action did Bruush Oral Care Inc. (BRSH) take following Nasdaq's delisting determination?
Is there a guarantee of Bruush Oral Care Inc. (BRSH) regaining compliance with Nasdaq rules for continued listing?
