EzFill Holdings, Inc. Regains Compliance with NASDAQ Listing Standard
EzFill Holdings, Inc. (NASDAQ: EZFL), a leader in the mobile fueling industry, has regained compliance with NASDAQ's Listing Rule 5550(b)(1), which requires a minimum stockholders' equity of $2,500,000. This follows a notice of non-compliance received on August 22, 2023. The company achieved compliance through strategic transactions, including:
- A private placement sale of Series B Convertible Preferred Stock
- Exchanging certain debt for common stock
- Exchanging other debt for Series A Preferred Stock
NASDAQ will monitor EzFill's compliance for one year, with potential delisting without a cure period if the company falls out of compliance again.
EzFill Holdings, Inc. (NASDAQ: EZFL), un leader nel settore del rifornimento mobile, ha riacquisito la conformità con la Regola di Quotazione 5550(b)(1) di NASDAQ, che richiede un patrimonio netto minimo degli azionisti di $2.500.000. Ciò segue una notifica di non conformità ricevuta il 22 agosto 2023. L'azienda ha raggiunto la conformità attraverso transazioni strategiche, tra cui:
- Una vendita in private placement di azioni privilegiate convertibili di Serie B
- Lo scambio di alcuni debiti con azioni ordinarie
- Lo scambio di altri debiti con azioni privilegiate di Serie A
NASDAQ monitorerà la conformità di EzFill per un anno, con un potenziale de-listing senza un periodo di recupero se l'azienda dovesse nuovamente non essere conforme.
EzFill Holdings, Inc. (NASDAQ: EZFL), un líder en la industria de combustible móvil, ha recuperado la conformidad con la Regla de Listado 5550(b)(1) de NASDAQ, que requiere un capital social mínimo de $2,500,000. Esto sigue a una notificación de incumplimiento recibida el 22 de agosto de 2023. La compañía logró la conformidad a través de transacciones estratégicas, que incluyen:
- Una venta en colocación privada de acciones preferentes convertibles de la Serie B
- El intercambio de ciertas deudas por acciones ordinarias
- El intercambio de otras deudas por acciones preferentes de la Serie A
NASDAQ supervisará la conformidad de EzFill durante un año, con un posible deslisting sin un período de curación si la compañía vuelve a incumplir.
EzFill Holdings, Inc. (NASDAQ: EZFL)는 모바일 연료 공급 산업의 선두주자로, NASDAQ의 상장 규정 5550(b)(1)에 대한 준수를 회복했습니다. 이 규정은 최소 주주 자본을 $2,500,000으로 요구합니다. 이는 2023년 8월 22일에 받은 비준수 통지에 따른 것입니다. 이 회사는 전략적 거래를 통해 준수를 달성했습니다. 거래 내용은 다음과 같습니다:
- Series B 전환 우선주에 대한 사모 배치 판매
- 일부 채무를 보통주로 교환
- 기타 채무를 Series A 우선주로 교환
NASDAQ은 EzFill의 준수를 1년 동안 모니터링하며, 회사가 다시 비준수 상태에 빠질 경우 치료 기간 없이 상장 폐지될 수 있습니다.
EzFill Holdings, Inc. (NASDAQ: EZFL), un leader dans l'industrie du ravitaillement mobile, a récupéré la conformité avec la Règle de Cotation 5550(b)(1) de NASDAQ, qui exige un capital minimum des actionnaires de 2 500 000 $. Cela fait suite à un avis de non-conformité reçu le 22 août 2023. La société a atteint la conformité grâce à des transactions stratégiques, notamment :
- Une vente par placement privé d'actions privilégiées convertibles de série B
- Échanger certaines dettes contre des actions ordinaires
- Échanger d'autres dettes contre des actions privilégiées de série A
NASDAQ surveillera la conformité d'EzFill pendant un an, avec un potentiel retrait de la cote sans période de redressement si l'entreprise retrouvait à nouveau la non-conformité.
EzFill Holdings, Inc. (NASDAQ: EZFL), ein führendes Unternehmen in der mobilen Tankstellenbranche, hat die Konformität mit NASDAQs Listungsregel 5550(b)(1) wiederhergestellt, die ein Mindestkapital der Aktionäre von $2.500.000 erfordert. Dies folgt auf eine Mitteilung über die Nichteinhaltung, die am 22. August 2023 eingegangen ist. Das Unternehmen hat die Konformität durch strategische Transaktionen erreicht, darunter:
- Ein Privatplatzierungsverkauf von Series B wandelbaren Vorzugsaktien
- Den Austausch bestimmter Schulden gegen Stammaktien
- Den Austausch weiterer Schulden gegen Series A Vorzugsaktien
NASDAQ wird die Konformität von EzFill ein Jahr lang überwachen, mit einer möglichen Delistung ohne Heilungszeit, falls das Unternehmen erneut gegen die Vorschriften verstößt.
- Regained compliance with NASDAQ listing requirements
- Successfully completed strategic financial transactions to increase stockholders' equity
- Maintained NASDAQ listing, avoiding potential delisting
- Company was previously non-compliant with NASDAQ listing requirements
- Risk of future non-compliance and potential delisting within the next year
Insights
EzFill's regaining of NASDAQ compliance is a positive development for the company's financial stability and market perception. The strategic transactions, including the private placement of Series B Convertible Preferred Stock and debt-to-equity conversions, have effectively bolstered the company's stockholders' equity above the
However, investors should note the one-year monitoring period imposed by NASDAQ. This suggests that EzFill's financial position may still be precarious and maintaining compliance could be challenging. The company's ability to sustain this improved equity position will be important for long-term stability and investor confidence. Careful analysis of EzFill's upcoming financial reports will be essential to gauge the sustainability of these improvements.
The regaining of NASDAQ compliance is a significant legal milestone for EzFill. It demonstrates the company's ability to meet regulatory requirements and avoid potential delisting, which could have had severe consequences for shareholder value and market access. However, the one-year monitoring period indicates ongoing regulatory scrutiny.
Investors should be aware of the potential legal risks if EzFill fails to maintain compliance during this period. The lack of a cure period in case of future non-compliance adds an element of urgency to the company's financial management. This situation underscores the importance of robust corporate governance and proactive financial planning to ensure continuous compliance with NASDAQ listing standards.
EzFill's compliance with NASDAQ listing requirements could positively impact investor perception and potentially improve the stock's liquidity. The mobile fueling industry is an emerging sector and maintaining a NASDAQ listing gives EzFill credibility and visibility among investors interested in innovative business models.
However, the company's recent need for strategic transactions to meet equity requirements suggests underlying financial challenges. Investors should closely monitor EzFill's ability to capitalize on its market position and achieve sustainable growth. The mobile fueling market's evolution and EzFill's competitive positioning will be critical factors in determining the company's long-term viability and stock performance.
MIAMI, FL, Sept. 03, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill”) or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fueling industry, today announced that it has regained compliance with Listing Rule 5550(b)(1) which requires a minimum stockholders’ equity of
As previously disclosed, on August 22, 2023, EzFill received a letter from the listing qualifications department staff of Nasdaq notifying the Company that the stockholders’ equity as reported on its Quarterly Report on Form 10-Q for the period ending June 30, 2023 did not satisfy the continued listing requirement that stockholders equity be at least
As previously disclosed, the Company recently completed a series of strategic transactions, including a private placement sale of the Company’s Series B Convertible Preferred Stock, exchanging certain debt of the Company for shares of the Company’s common stock and exchanging certain other debt of the Company for shares of the Company’s Series A Preferred Stock which, among other things, increased the Company’s stockholders equity above the continued listing requirement. Accordingly, on August 30, 2024, Nasdaq Hearings Panel provided the Company with written notice that it had regained compliance with Rule 5550(b)(1).
Nasdaq will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement for a period of one year from the date of Nasdaq’s compliance letter to the Company. Should the Company fall out of compliance with the minimum equity rule during that time, the Company would become subject to delisting without a cure period. The Company will have the opportunity to request a new hearing should that event occur.
About EzFill
EzFill is a leader in the fast-growing mobile fuel industry, with the largest market share in its home state of Florida. Its mission is to disrupt the gas station fueling model by providing consumers and businesses with the convenience, safety, and touch-free benefits of on-demand fueling services brought directly to their locations. For commercial and specialty customers, at-site delivery during downtimes enables operators to begin their daily operations with fully fueled vehicles. For more information, visit www.ezfl.com
With the number of gas stations in the U.S. continuing to decline, corporate giants such as Shell, Exxon, GM, Bridgestone, Enterprise, and Mitsubishi have recognized the increasing shift in consumer behavior and are investing in the fast growing on-demand mobile fueling industry, in companies such as Booster and Yoshi. As the only company to provide fuel delivery in three verticals – consumer, commercial, and specialty including marine and construction equipment, we believe EzFill is well positioned to capitalize on the growing demand for convenient and cost-efficient mobile fueling options.
Forward Looking Statements
This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release except as may be required under applicable securities law.
For further information, please contact:
Investor Contact
TraDigital IR
John McNamara
john@tradigitalir.com
FAQ
What NASDAQ listing requirement did EzFill Holdings (EZFL) regain compliance with?
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