Greenlane Regains Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

Greenlane Holdings (NASDAQ:GNLN) announced on August 30, 2022, that it has regained compliance with Nasdaq's minimum bid price requirement. The company received notice from Nasdaq confirming that its Class A common stock maintained a closing bid price above $1.00 for 11 consecutive trading days as of August 24, 2022. Previously, Greenlane had been notified of non-compliance on February 25, 2022, but has successfully rectified this issue, allowing its stock to remain listed on the Nasdaq Global Market.

Positive

• Regained compliance with Nasdaq's minimum bid price rule.
• Maintained a closing bid price above $1.00 for 11 consecutive trading days.

Negative

• Previously notified of non-compliance with the minimum bid price rule.

BOCA RATON, FL / ACCESSWIRE / August 30, 2022 / Greenlane Holdings, Inc. (NASDAQ:GNLN) ("Greenlane"), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that it received notice from The Nasdaq Stock Market LLC ("Nasdaq") on August 24, 2022 informing Greenlane that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Global Market. Consequently, Greenlane is now in compliance with all applicable listing standards and its Class A common stock will continue to be listed on The Nasdaq Global Market.

Greenlane was previously notified by Nasdaq on February 25, 2022 that it was not in compliance with the minimum bid price rule because its Class A common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days. To regain compliance with the minimum bid price rule, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This requirement was met on August 24, 2022, the eleventh consecutive trading day that the closing bid price of the Company's Class A common stock was over $1.00.

About Greenlane Holdings, Inc.

Greenlane is the premier global platform for the development and distribution of premium cannabis accessories, packaging, vape solutions, and lifestyle products. We operate as a powerful family of brands, third-party brand accelerator, and omni-channel distribution platform, providing unparalleled product quality, customer service, compliance knowledge, and operations and logistics to accelerate our customers' growth.

As a pioneer in the cannabis space, Greenlane has an incredible acumen for detecting opportunities in the marketplace. We proudly own and operate a diverse brand portfolio including DaVinci Vaporizers, Pollen Gear™, Higher Standards, Groove, and Eyce. Additionally, Greenlane strategically partners with leading multi-state operators, licensed producers, and brands, such as Storz & Bickel (Canopy-owned), Grenco Science, VIBES, and CCELL, to develop and distribute innovative and high-quality products.

Founded in 2005, Greenlane serves an expansive customer base comprised of thousands of retail locations, including licensed cannabis dispensaries, smoke shops, and specialty retailers. Greenlane also owns and operates Vapor.com and VapoShop.com, two industry-leading, direct-to-consumer e-commerce platforms in North America and Europe respectively.

For additional information, please visit: https://gnln.com/.

Forward Looking Statements

Certain matters within this press release are discussed using forward-looking language as specified in the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2021, the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, and the Company's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to Greenlane on the date hereof. Greenlane undertakes no duty to update this information unless required by law.

Investor Contact

Darsh Dahya, CAO
ir@greenlane.com

SOURCE: Greenlane Holdings, Inc.

View source version on accesswire.com:
https://www.accesswire.com/713805/Greenlane-Regains-Compliance-with-Nasdaq-Listing-Requirements

FAQ

What does Greenlane Holdings' recent compliance with Nasdaq mean for investors?

Greenlane's compliance with Nasdaq means its Class A common stock can continue to be publicly traded, thus providing stability for investors.

When did Greenlane regain compliance with Nasdaq listing requirements?

Greenlane regained compliance on August 24, 2022.

What was the issue with Greenlane Holdings' stock prior to compliance?

Greenlane was previously notified on February 25, 2022, that it did not meet Nasdaq's minimum bid price of $1.00.

How many consecutive days did Greenlane hold the required bid price to regain compliance?

Greenlane maintained the required bid price for 11 consecutive trading days.

What is the stock symbol for Greenlane Holdings?

The stock symbol for Greenlane Holdings is GNLN.