DevvStream Discloses Nasdaq Notice and Provides Update
DevvStream Corp. (NASDAQ: DEVS) received a notice from Nasdaq on January 22, 2025, indicating non-compliance with Listing Rule 5250(c)(1) due to failing to file its Form 10-Q for the period ended September 30, 2024. The company promptly addressed this by filing the required Form 10-Q on January 23, 2025.
The notice has no impact on the listing or trading of DevvStream's securities on Nasdaq. Due to the swift filing response, the company does not expect to submit a compliance plan within the standard 60-day requirement. Additionally, DevvStream announced it is finalizing its 10-K and Form S-1 filings, which are expected to be submitted soon.
DevvStream Corp. (NASDAQ: DEVS) ha ricevuto una comunicazione da Nasdaq il 22 gennaio 2025, che indica una non conformità alla Regola di Quotazione 5250(c)(1) per non aver presentato il proprio Modulo 10-Q per il periodo conclusosi il 30 settembre 2024. L'azienda ha prontamente affrontato la questione presentando il Modulo 10-Q richiesto il 23 gennaio 2025.
La comunicazione non ha impatto sulla quotazione o sul trading dei titoli di DevvStream su Nasdaq. Grazie alla rapida risposta di presentazione, l'azienda non prevede di dover presentare un piano di conformità entro il termine standard di 60 giorni. Inoltre, DevvStream ha annunciato che sta finalizzando le sue presentazioni del 10-K e del Modulo S-1, che si prevede saranno presentate a breve.
DevvStream Corp. (NASDAQ: DEVS) recibió una notificación de Nasdaq el 22 de enero de 2025, indicando incumplimiento de la Regla de Cotización 5250(c)(1) debido a no haber presentado su Formulario 10-Q para el período terminado el 30 de septiembre de 2024. La empresa abordó rápidamente esto presentando el Formulario 10-Q requerido el 23 de enero de 2025.
La notificación no tiene impacto en la cotización o en la negociación de los valores de DevvStream en Nasdaq. Debido a la rápida respuesta de presentación, la empresa no espera presentar un plan de cumplimiento dentro del requisito estándar de 60 días. Además, DevvStream anunció que está finalizando sus presentaciones del 10-K y del Formulario S-1, que se espera sean presentadas pronto.
DevvStream Corp. (NASDAQ: DEVS)는 2025년 1월 22일 나스닥으로부터 2024년 9월 30일에 종료된 기간에 대한 10-Q 양식을 제출하지 않아 5250(c)(1) 상장 규정을 준수하지 않았다는 통지를 받았습니다. 회사는 2025년 1월 23일 필수 10-Q 양식을 제출하여 이 문제를 신속하게 해결했습니다.
이 통지는 DevvStream의 나스닥 상장 또는 거래에 영향을 미치지 않습니다. 신속한 제출 대응 덕분에 회사는 일반 60일 기준 내에 준수 계획을 제출할 것으로 예상하지 않습니다. 또한, DevvStream은 곧 제출될 예정인 10-K 및 S-1 양식을 마무리 중이라고 발표했습니다.
DevvStream Corp. (NASDAQ: DEVS) a reçu une notification de Nasdaq le 22 janvier 2025, indiquant une non-conformité à la Règle de Cotation 5250(c)(1) en raison de la non-présentation de son formulaire 10-Q pour la période se terminant le 30 septembre 2024. L'entreprise a rapidement organisé cela en soumettant le formulaire 10-Q requis le 23 janvier 2025.
La notification n'a aucun impact sur la cotation ou le négoce des valeurs mobilières de DevvStream sur Nasdaq. En raison de la réponse rapide à la soumission, l'entreprise ne s'attend pas à devoir soumettre un plan de conformité dans le délai standard de 60 jours. De plus, DevvStream a annoncé qu'elle finalisait ses dépôts de 10-K et de formulaire S-1, qui devraient être soumis prochainement.
DevvStream Corp. (NASDAQ: DEVS) erhielt am 22. Januar 2025 eine Mitteilung von Nasdaq, in der auf die Nichteinhaltung der Listungsregel 5250(c)(1) hingewiesen wurde, da das Unternehmen seine Form 10-Q für den Zeitraum bis zum 30. September 2024 nicht eingereicht hatte. Das Unternehmen ging umgehend darauf ein und reichte das erforderliche Formular 10-Q am 23. Januar 2025 ein.
Die Mitteilung hat keine Auswirkungen auf die Notierung oder den Handel der Wertpapiere von DevvStream an der Nasdaq. Aufgrund der schnellen Einreichung rechnet das Unternehmen nicht damit, innerhalb der üblichen 60-Tage-Frist einen Compliance-Plan einreichen zu müssen. Darüber hinaus gab DevvStream bekannt, dass es seine 10-K- und S-1-Einreichungen abschließt, die in Kürze eingereicht werden sollen.
- Quick resolution of Nasdaq compliance issue by filing Form 10-Q within 24 hours of notice
- No impact on company's Nasdaq listing status
- No requirement for 60-day compliance plan submission
- Delayed filing of Form 10-Q for Q3 2024
- Outstanding 10-K and Form S-1 filings still pending completion
Insights
The temporary non-compliance with Nasdaq filing requirements raises several important considerations for investors. The rapid resolution through the subsequent Form 10-Q filing demonstrates responsive management, but the initial delay merits attention.
The concurrent preparation of Form 10-K (annual report) and Form S-1 (registration statement for new securities) suggests significant corporate activities on the horizon. The Form S-1 filing, in particular, often precedes capital raising activities or significant corporate transactions, which could materially impact the company's financial structure.
From a compliance perspective, while DevvStream swiftly addressed the immediate concern, delayed financial filings can trigger enhanced scrutiny from auditors and regulators. Such delays occasionally indicate:
- Internal control challenges requiring additional review procedures
- Complex accounting matters requiring extended auditor consultation
- Resource constraints in financial reporting functions
The confluence of multiple pending filings (10-K and S-1) alongside the recently resolved 10-Q situation suggests a period of heightened regulatory activity for DevvStream. Institutional investors typically monitor such patterns closely, as they can signal operational or governance challenges that require additional due diligence.
While the immediate non-compliance issue has been resolved without affecting the Nasdaq listing, investors should monitor the timely submission of forthcoming filings and any disclosures regarding internal controls or procedural improvements implemented to prevent future delays.
Calgary, Alberta--(Newsfile Corp. - January 28, 2025) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced that it received a notice (the "Notice") on January 22, 2025 from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because the Company has not yet filed its Form 10-Q for the period ended September 30, 2024 ("Form 10-Q") with the U.S. Securities and Exchange Commission. Following receipt of the Notice, the Company filed the Form 10-Q on January 23, 2025.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. Given the Form 10-Q was filed, the Notice has no impact on the listing or trading of the Company's securities on Nasdaq. The Company expects that it will not be required to submit a plan to Nasdaq within 60 calendar days from the date of the Notice in order to regain compliance with the Listing Rule and to avail itself of Nasdaq's exception of up to 180 calendar days from the Form 10-Q's due date, or until May 19, 2025, to regain compliance.
The Company is also working to finalize its 10-K and Form S-1 filings and expects to submit these shortly as well.
About DevvStream
Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health.
With a diverse approach to the carbon market, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging in exchange for a percentage of generated credits.
For more information, please visit www.devvstream.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include statements regarding DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, DevvStream's ability to continue as a going concern and to realize the benefits of its recently completed business combination, DevvStream's ability to remain listed on Nasdaq, the volatility of the market price and the liquidity of DevvStream's common shares, the impact from future regulatory, judicial, legislative or regulatory changes in DevvStream's industry, the trends in the carbon credit markets, future performance and anticipated financial impacts of certain transactions by DevvStream or others, the growth and value of the global carbon credit market traded value, the potential of carbon credits to provide carbon emission reductions and reduce carbon emissions to limit global warming, estimated C02 capture, sequestration, decarbonization or storage capacities or potentials of different projects in which DevvStream is investing, or DevvStream's opportunity pipeline and the ability of such opportunities to generated carbon or tax credits each year, or the market growth and value of international renewable energy certificates, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management are inherently uncertain and subject to material change. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties.
These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in filings made by, or to be made by, DevvStream from time to time with the SEC and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream and this news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Contact
ir@devvstream.com
Phone: (408) 365-4348
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238794
FAQ
What was the reason for DevvStream (DEVS) receiving a Nasdaq notice on January 22, 2025?
How did DevvStream (DEVS) resolve the Nasdaq compliance issue in January 2025?
Will the January 2025 Nasdaq notice affect DevvStream's (DEVS) listing status?
What additional financial filings is DevvStream (DEVS) preparing to submit as of January 2025?
