Hempacco Receives Notification of Deficiency from Nasdaq
Hempacco (NASDAQ: HPCO) announced it received a deficiency notice from Nasdaq for not filing its Quarterly Report on Form 10-Q for the quarter ending March 31, 2024. This notice, dated May 23, 2024, indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). This has no immediate effect on the listing or trading of HPCO shares, but failure to comply may lead to delisting. Hempacco has until June 17, 2024, to update its compliance plan. If Nasdaq accepts, Hempacco may get up to 180 days extension until October 14, 2024. However, there's no assurance of plan acceptance or compliance within the extension period. Hempacco is working to file the report promptly.
- No immediate effect on HPCO's listing or trading.
- Potential extension of up to 180 days if compliance plan is accepted.
- Risk of delisting if compliance is not achieved.
- Uncertainty regarding acceptance of compliance plan by Nasdaq.
- Delay in filing the Quarterly Report indicates potential operational issues.
San Diego, California--(Newsfile Corp. - May 31, 2024) - Hempacco Co., Inc. (NASDAQ: HPCO) ("Hempacco" or the "Company"), a vertically integrated hemp manufacturing company, announced today that on May 23, 2024, it received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") because the Company has not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the "Quarterly Report").
The Rule requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the Rule, the Company's securities will be subject to delisting from Nasdaq. Under the Notice, the Company has until June 17, 2024, to submit an update to its plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the initial filing delinquency date, until October 14, 2024, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. 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.
The Company is working diligently to complete and file the Quarterly Report and regain compliance with the Rule.
About Hempacco
Hempacco Co., Inc.'s goal is Disrupting Tobacco's™ nearly
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) potential failure to meet projected development and related targets; (ii) changes in applicable laws or regulations that may impact our products and business; (iii) the effect of geopolitical and economic conditions on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
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FAQ
What Nasdaq rule did Hempacco violate?
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