Fresh2 Group Ltd. Announces Receipt of an Additional Delinquency Compliance Alert Notice from Nasdaq
Fresh2 Group (NASDAQ: FRES) has received an additional delinquency compliance alert notice from Nasdaq on August 19, 2024. The notice states that the company has not filed its Form 10-Q for the period ended June 30, 2024, violating Listing Rule 5250(c)(1). This follows previous extensions granted by Nasdaq for filing delinquent Form 10-K and Form 10-Q. Fresh2 now has until October 14, 2024, to regain compliance with all delinquent filings. The company must submit an updated plan to Nasdaq by September 3, 2024, detailing its strategy to file the latest Form 10-Q and progress on previous filings. Fresh2 affirms its commitment to addressing these issues and regaining compliance with Nasdaq listing rules.
Fresh2 Group (NASDAQ: FRES) ha ricevuto il 19 agosto 2024 un ulteriore avviso di conformità per delinquenza da Nasdaq. L'avviso indica che l'azienda non ha presentato il suo Modulo 10-Q per il periodo terminato il 30 giugno 2024, violando la Regola di Listino 5250(c)(1). Ciò segue le precedenti concessioni di proroga da parte di Nasdaq per la presentazione dei Moduli 10-K e 10-Q in ritardo. Fresh2 ha ora tempo fino al 14 ottobre 2024 per riconquistare la conformità con tutte le presentazioni in ritardo. L'azienda deve inviare un piano aggiornato a Nasdaq entro il 3 settembre 2024, dettagliando la sua strategia per presentare il Modulo 10-Q più recente e i progressi sulle presentazioni precedenti. Fresh2 afferma il suo impegno a risolvere queste questioni e a riconquistare la conformità con le regole di quotazione di Nasdaq.
Fresh2 Group (NASDAQ: FRES) recibió un aviso adicional de cumplimiento por incumplimiento de Nasdaq el 19 de agosto de 2024. El aviso indica que la empresa no ha presentado su Formulario 10-Q para el período finalizado el 30 de junio de 2024, violando la Regla de Listado 5250(c)(1). Esto sigue a las prórrogas previas concedidas por Nasdaq para la presentación de los Formularios 10-K y 10-Q en incumplimiento. Fresh2 ahora tiene hasta el 14 de octubre de 2024 para recuperar el cumplimiento con todas las presentaciones atrasadas. La empresa debe presentar un plan actualizado a Nasdaq antes del 3 de septiembre de 2024, detallando su estrategia para presentar el último Formulario 10-Q y el progreso en las presentaciones anteriores. Fresh2 reafirma su compromiso de abordar estos problemas y recuperar el cumplimiento con las reglas de listado de Nasdaq.
Fresh2 Group (NASDAQ: FRES)는 2024년 8월 19일 나스닥으로부터 추가적인 연체 준수 경고 통지를 받았습니다. 이 통지는 회사가 2024년 6월 30일자로 끝나는 기간에 대한 10-Q 양식을 제출하지 않아 나스닥 상장 규정 5250(c)(1)를 위반했다고 밝힙니다. 이는 나스닥이 지연된 10-K 및 10-Q 양식 제출을 위해 이전에 부여한 연장에 따른 것입니다. Fresh2는 이제 2024년 10월 14일까지 모든 연체 filings에 대해 준수를 회복할 수 있는 시간을 가집니다. 회사는 2024년 9월 3일까지 나스닥에 최신 10-Q 양식을 제출하고 이전 제출에 대한 진행 상황을 구체적으로 설명하는 업데이트된 계획을 제출해야 합니다. Fresh2는 이러한 문제를 해결하고 나스닥 상장 규정을 준수하기 위한 의지를 확인합니다.
Fresh2 Group (NASDAQ: FRES) a reçu le 19 août 2024 un nouvel avis de conformité pour défaut de la Nasdaq. L'avis indique que la société n'a pas déposé son Formulaire 10-Q pour la période se terminant le 30 juin 2024, enfreignant ainsi la Règle de Cotation 5250(c)(1). Cela fait suite à des extensions précédemment accordées par la Nasdaq pour le dépôt des Formulaires 10-K et 10-Q en retard. Fresh2 a maintenant jusqu'au 14 octobre 2024 pour retrouver la conformité avec tous les dépôts en retard. L'entreprise doit soumettre à la Nasdaq un plan mis à jour d'ici le 3 septembre 2024, détaillant sa stratégie pour déposer le dernier Formulaire 10-Q et ses progrès sur les dépôts précédents. Fresh2 réaffirme son engagement à résoudre ces problèmes et à respecter les règles de cotation de la Nasdaq.
Fresh2 Group (NASDAQ: FRES) hat am 19. August 2024 eine zusätzliche Verwarnung wegen Nichterfüllung von Nasdaq erhalten. Die Mitteilung besagt, dass das Unternehmen sein Formular 10-Q für den Zeitraum, der am 30. Juni 2024 endete, nicht eingereicht hat, und damit die Listungsregel 5250(c)(1) verletzt hat. Dies folgt auf frühere Verlängerungen, die von Nasdaq für die verzögerte Einreichung des Formulars 10-K und 10-Q gewährt wurden. Fresh2 hat nun bis zum 14. Oktober 2024 Zeit, um die Konformität mit allen verspäteten Meldungen wiederherzustellen. Das Unternehmen muss Nasdaq bis zum 3. September 2024 einen aktualisierten Plan vorlegen, der seine Strategie zur Einreichung des neuesten Formulars 10-Q und den Fortschritt bei vorherigen Einreichungen beschreibt. Fresh2 bekräftigt sein Engagement, diese Probleme anzugehen und die Konformität mit den Nasdaq-Listing-Regeln wiederherzustellen.
- None.
- Failure to file Form 10-Q for Q2 2024 on time
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Risk of potential delisting if compliance is not achieved by October 14, 2024
- Multiple delinquent financial filings (10-K for 2023, 10-Q for Q1 2024, and 10-Q for Q2 2024)
Insights
This additional delinquency notice from Nasdaq is a serious red flag for Fresh2 Group The company's failure to file multiple financial reports (10-K and 10-Qs) indicates significant internal control issues or potential financial irregularities. Investors should be extremely cautious.
The October 14, 2024 deadline for compliance is crucial. Failure to meet this could result in delisting, which would severely impact the stock's liquidity and value. The company's commitment to addressing the issue is standard, but the repeated delays raise questions about their ability to resolve these problems timely.
This situation often leads to increased volatility and potential downward pressure on the stock price as uncertainty grows. Investors should closely monitor any updates on the company's progress towards compliance.
The repeated failure to file timely financial reports suggests serious governance issues within Fresh2 Group This pattern typically indicates problems with internal controls, accounting practices, or management oversight. It's concerning that the company has missed multiple filing deadlines, including the annual report (10-K) and two quarterly reports (10-Qs).
Investors should question the board's effectiveness in overseeing management and ensuring proper financial reporting. The lack of transparency creates an information vacuum, making it nearly impossible for stakeholders to accurately assess the company's financial health and performance.
While the company states its commitment to resolving the issue, the repeated extensions and new delinquencies suggest a deeper, more systemic problem that may not be easily or quickly resolved.
The ongoing filing delinquencies present significant risks for Fresh2 Group and its investors. The lack of current financial information creates uncertainty in the market, which typically leads to increased volatility and often a decline in stock price.
There's a real risk of Nasdaq delisting if the company fails to meet the October 14, 2024 deadline. Delisting would result in the stock moving to over-the-counter (OTC) markets, significantly reducing liquidity and institutional investor interest. This could trigger a substantial sell-off.
Additionally, the lack of current financials may hinder the company's ability to raise capital or engage in strategic transactions. It also exposes Fresh2 to potential legal actions from shareholders who may claim they were kept in the dark about the company's true financial condition.
New York, NY, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Fresh2 Group Ltd. (NASDAQ: FRES) (“Fresh2” or the “Company”), a B2B e-commerce and supply chain management company within the restaurant and food industry, today announced that on August 19 , 2024, it received an additional delinquency compliance alert notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising they have not received the Company’s Form 10-Q for the period ended June 30, 2024, it does not comply with the Listing Rules 5250(c)(1) (the “Rules”), which requires the timely filing of all required periodic reports with the SEC.
Previously, Nasdaq Staff had granted the Company an exception until September 27, 2024, to file its delinquent Form 10-K for the period ended December 31, 2023 (the “Initial Delinquent Filing”) and Form 10-Q for the period ended March 31, 2024. As a result, any additional Staff exception to allow the Company to regain compliance with all delinquent filings, will be limited to a maximum of 180 calendar days from the due date of the Initial Delinquent Filing, or October 14, 2024.
In accordance with Nasdaq’s letter dated August 19, 2024, Nasdaq provided the Company to submit an update to its original plan provided to Nasdaq no latter than September 3, 2024 to regain compliance with respect to the filing requirement. The update should be as definitive as possible, including the plans to file the Form 10-Q for the period ended June 30, 2024, and indicate the progress the Company has made towards implementing the plan submitted in connection with the Initial Delinquent Filing.
The Company is committed to working closely with Nasdaq to address this issue promptly and remains focused on regaining compliance with all applicable Nasdaq listing rules.
About Fresh2 Group Limited
Fresh2 Group Limited is engaged in the business-to-business e-commerce and supply chain sectors. Committed to helping restaurants lower procurement costs and improve efficiency, Fresh2 utilizes an advanced supply chain management system. By applying strategic digital technologies and innovative business models, Fresh2 is driving the online transformation of the restaurant supply industry. Fresh2 aims to refine restaurant operations, adding significant value to the food industry, and building a global network of restaurateurs in the digital age. For more information, visit: https://fresh2.co/investors.
For investor and media inquiries, please contact:
Xiaoyu Li
Phone: +1- 917 397 6890
Email: fayeli@fresh2.co
Safe Harbor Statement
This announcement contains forward-looking statements as defined under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, formulated in accordance with the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These statements, reflecting the Company's projections about its future financial and operational performance, employ terms like 'believes,' 'estimates,' 'anticipates,' 'expects,' 'plans,' 'projects,' 'intends,' 'potential,' 'target,' 'aim,' 'predict,' 'outlook,' 'seek,' 'goal,' 'objective,' 'assume,' 'contemplate,' 'continue,' 'positioned,' 'forecast,' 'likely,' 'may,' 'could,' 'might,' 'will,' 'should,' 'approximately,' and similar expressions to convey the uncertainty of future events or outcomes. These forward-looking statements are based on the Company's current expectations, assumptions, and projections, involving judgments about future economic conditions, competitive landscapes, market dynamics, and business decisions, many of which are inherently challenging to predict accurately and are largely beyond the Company's control. Additionally, these statements are subject to a multitude of known and unknown risks, uncertainties, and other variables that could significantly diverge the Company's actual results from those depicted in any forward-looking statement. These factors include, but are not limited to, varying economic conditions, competitive pressures, and regulatory changes. Because of these and other risks, uncertainties and assumptions, undue reliance should not be placed on these forward-looking statements. In addition, these statements speak only as of the date of this press release and, except as may be required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
FAQ
What notice did Fresh2 Group (FRES) receive from Nasdaq on August 19, 2024?
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