Fusion Fuel Receives Staff Determination Notice from Nasdaq, Submits Appeal Request
Fusion Fuel Green PLC received a Staff Determination Notice from Nasdaq due to non-compliance with the minimum $10 million stockholders' equity requirement. The company reported stockholders' equity of $3,022,125 in its 2023 Form 20-F. Despite submitting a compliance plan and requesting transfer to The Nasdaq Capital Market, Fusion Fuel failed to complete necessary transactions by the November 4, 2024 deadline. While facing potential delisting, the company has appealed the determination, which temporarily stays the suspension of its securities pending the Panel's decision.
Fusion Fuel Green PLC ha ricevuto un Avviso di Determinazione dallo staff di Nasdaq a causa della non conformità al requisito minimo di 10 milioni di dollari di capitale azionario. L'azienda ha riportato un patrimonio netto di 3.022.125 dollari nel suo Modulo 20-F del 2023. Nonostante abbia presentato un piano di conformità e richiesto il trasferimento al Nasdaq Capital Market, Fusion Fuel non è riuscita a completare le transazioni necessarie entro la scadenza del 4 novembre 2024. Mentre affronta il rischio di essere delistata, l'azienda ha presentato appello contro la determinazione, il che sospende temporaneamente la sospensione dei suoi titoli in attesa della decisione del Panel.
Fusion Fuel Green PLC recibió un Aviso de Determinación del personal de Nasdaq debido al incumplimiento del requisito mínimo de 10 millones de dólares en capital de los accionistas. La compañía reportó un capital de los accionistas de 3,022,125 dólares en su Formulario 20-F de 2023. A pesar de haber presentado un plan de cumplimiento y solicitar el traslado al Nasdaq Capital Market, Fusion Fuel no logró completar las transacciones necesarias antes de la fecha límite del 4 de noviembre de 2024. Mientras enfrenta la posible exclusión, la compañía ha apelado la determinación, lo que suspende temporalmente la suspensión de sus valores a la espera de la decisión del Panel.
퓨전 연료 그린 PLC는 최소 1천만 달러 주주 자본 요건 미달로 인해 나스닥으로부터 직원 결정 통지를 받았습니다. 이 회사는 2023년 20-F 양식에서 3,022,125 달러의 주주 자본을 보고했습니다. 나스닥 자본 시장으로의 전환을 요청하고 준수 계획을 제출했음에도 불구하고, 퓨전 연료는 2024년 11월 4일 마감일 이전에 필요한 거래를 완료하지 못했습니다. 상장 폐지의 잠재적 위험에 직면한 이 회사는 결정에 대해 항소하였으며, 이는 패널의 결정이 내려질 때까지 증권의 정지를 일시적으로 연기합니다.
Fusion Fuel Green PLC a reçu un Avis de Détermination du personnel de Nasdaq en raison de sa non-conformité au critère minimum des 10 millions de dollars de capitaux propres des actionnaires. La société a déclaré des capitaux propres de 3.022.125 dollars dans son formulaire 20-F de 2023. Bien qu'elle ait soumis un plan de conformité et demandé un transfert vers le Nasdaq Capital Market, Fusion Fuel n'a pas réussi à finaliser les transactions nécessaires d'ici la date limite du 4 novembre 2024. Tout en étant confrontée à un risque potentiel de radiation, la société a fait appel de cette décision, ce qui suspend temporairement la cessation de ses titres en attendant la décision du panel.
Fusion Fuel Green PLC erhielt eine Mitteilung über eine Personalentscheidung von Nasdaq aufgrund der Nichterfüllung der Mindestanforderung an das Eigenkapital der Aktionäre in Höhe von 10 Millionen Dollar. Das Unternehmen berichtete in seinem Formular 20-F für 2023 ein Eigenkapital von 3.022.125 Dollar. Trotz der Einreichung eines Compliance-Plans und der Beantragung der Übertragung zum Nasdaq Capital Market konnte Fusion Fuel die erforderlichen Transaktionen bis zur Frist am 4. November 2024 nicht abschließen. Während das Unternehmen mit einer möglichen Delistung konfrontiert ist, hat es gegen die Entscheidung Berufung eingelegt, was die Aussetzung seiner Wertpapiere vorübergehend aufschiebt, während die Entscheidung des Ausschusses aussteht.
- None.
- Failed to meet Nasdaq's minimum $10M stockholders' equity requirement, reporting only $3.02M
- Unable to complete required transactions for Nasdaq Capital Market transfer
- Facing potential delisting from Nasdaq
- Failed to meet alternative listing standards requirements
Insights
This concerning development signals serious financial distress at Fusion Fuel. The company's
While the appeal process provides temporary relief from immediate delisting, historical patterns show that companies in similar situations face challenging odds of maintaining their listing status. A potential delisting would severely impact trading liquidity and institutional investment accessibility, likely leading to increased volatility and potential value deterioration. The company's small market cap of
DUBLIN, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (“Fusion Fuel” or the “Company”) today announced that the Company received a letter (the “Staff Determination Notice”) from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”). The Staff Determination Notice noted that on May 8, 2024, the Staff had notified the Company that it did not comply with the minimum
Pursuant to Nasdaq rules, the Company timely submitted a plan to regain compliance. Among other things, the plan had included the Company’s request to transfer its listing to The Nasdaq Capital Market by November 4, 2024, which was 180 days after the date of the Deficiency Notice, the maximum number of days that the Staff had discretion to grant to regain compliance pursuant to Nasdaq Listing Rule 5450(b)(1)(A). The Company subsequently indicated to the Staff that it planned to satisfy the requirements to transfer its listing to The Nasdaq Capital Market by the completion of certain transactions by November 4, 2024. The Company was unable to consummate these transactions by November 4, 2024.
The Staff Determination Notice stated that the Staff had made the determination to deny the Company’s request for continued listing on The Nasdaq Capital Market (the “Staff Determination”). The Staff Determination Notice stated that unless the Company requested an appeal of the determination by November 12, 2024, trading of the Company’s ordinary shares and warrants would be suspended at the opening of business on November 14, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.
The Company has submitted a request for hearing before a Nasdaq Hearings Panel (the “Panel”). The Company’s hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. There can be no assurance that the Panel will grant the Company’s request for continued listing.
About Fusion Fuel Green PLC
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel’s patented miniaturized Proton Exchange Membrane (PEM) electrolyzer – the HEVO – and building-block approach to green hydrogen production, unlock unprecedented modularity, flexibility, and reliability in the design and deployment of small-to-midscale green hydrogen solutions. Its business lines include the sale of its electrolyzer systems, the development and sale of turnkey hydrogen plants, and the provision of end-to-end project engineering and advisory services. Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu, and by following us on LinkedIn.
Forward Looking Statements
This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
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