Cantaloupe, Inc. Receives Nasdaq Notification Of Non-Compliance With Listing Rule 5250(c)(1)

Rhea-AI Summary

Cantaloupe, Inc. (NASDAQ: CTLP) has received a notification from Nasdaq regarding non-compliance due to the failure to file its Annual Report on Form 10-K for the fiscal year ending June 30, 2022. Although this notice does not immediately affect the company's stock listing, failure to resolve the compliance issue within 60 days could result in delisting. Cantaloupe plans to file the Form 10-K within the next few weeks, which, if done within the grace period, may allow them to avoid submitting a compliance plan.

Positive

• Cantaloupe plans to file its Form 10-K within the next few weeks.

Negative

• Received notice of non-compliance from Nasdaq due to late filing of Form 10-K.
• Possible delisting from Nasdaq if compliance is not regained within specified timelines.

MALVERN, Pa.--(BUSINESS WIRE)-- Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today announced that it has received a notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (“Form 10-K”), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC").

This notification has no immediate effect on the listing of the Company's shares on Nasdaq. However, if the Company fails to timely regain compliance with the Nasdaq Listing Rule, the Company's common stock will be subject to delisting from Nasdaq.

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. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

As previously announced, the Company is working diligently and anticipates filing its Form 10-K within the next two to three weeks. If the Company files its Form 10-K within the 60-day period described above, it will not need to submit a formal plan to regain compliance.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About Cantaloupe, Inc.

Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively. For more information, please visit our website at www.cantaloupe.com.

Forward-looking Statements:

All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s expectations regarding the filing of its Form 10-K, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe's management, as well as assumptions made by and information currently available to Cantaloupe's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the incurrence by Cantaloupe of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on Cantaloupe’s operations, financial condition and the demand for Cantaloupe’s products and services; the ability of Cantaloupe to predict or estimate its future quarterly or annual revenue and expenses given the developing and unpredictable market for its products; the ability of Cantaloupe to retain key customers from whom a significant portion of its revenues is derived; the ability of Cantaloupe to compete with its competitors to obtain market share; the ability of Cantaloupe to make available and successfully upgrade current customers to new standards and protocols; whether Cantaloupe's existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by Cantaloupe; the ability of Cantaloupe to execute on mergers, acquisitions and/or strategic alliances, including the timing and closing of acquisitions and our ability to integrate and operate such acquisitions consistent with our forecasts; disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems; geopolitical conflicts, such as the ongoing conflict between Russia and Ukraine; our ability to timely file periodic reports with the U.S. Security and Exchange Commission; or other risks discussed in Cantaloupe’s filings with the U.S. Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the year ended June 30, 2021 and Quarterly Report on Form 10-Q for the periods ended September 30, 2021, December 31, 2021 and March 31, 2022. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, Cantaloupe does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. If Cantaloupe updates one or more forward-looking statements, no inference should be drawn that Cantaloupe will make additional updates with respect to those or other forward-looking statements.

-F--CTLP

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005543/en/

Investor Relations for Cantaloupe, Inc:

ICR, Inc.

CantaloupeIR@icrinc.com

Media Relations for Cantaloupe, Inc:

Jeni Howard

JHPR

media@cantaloupe.com or jhoward@jhowardpr.com

Source: Cantaloupe, Inc.

FAQ

What notice did Cantaloupe, Inc. receive from Nasdaq?

Cantaloupe received a notice of non-compliance for failing to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2022.

What are the consequences for Cantaloupe, Inc. after receiving the Nasdaq notice?

If Cantaloupe fails to regain compliance within 60 days, its common stock may be subject to delisting from Nasdaq.

How long does Cantaloupe have to regain compliance with Nasdaq rules?

Cantaloupe has 60 calendar days to submit a compliance plan to Nasdaq after receiving the notice.

What is the deadline for Cantaloupe to file its Form 10-K?

Cantaloupe anticipates filing its Form 10-K within the next two to three weeks to avoid delisting.