TRxADE Health, Inc. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 10-K

Rhea-AI Summary

TRxADE Health, Inc. received a notice from Nasdaq regarding the late filing of its Annual Report on Form 10-K for the 2023 fiscal year. The company must submit a plan to regain compliance by June 17, 2024.

TAMPA, FL, April 23, 2024 (GLOBE NEWSWIRE) -- TRxADE HEALTH, Inc. (Nasdaq: MEDS) (the “Company”), announced that, on April 17, 2024, the Company received a notice (the “Notice”) from the Nasdaq Listing Qualifications Department (“Nasdaq”) indicating that because the Company had not yet filed its Annual Report on Form 10-K for the 2023 fiscal year (the “Form 10-K”), the Company was not compliant with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission.

The Notice had no immediate effect on the listing or trading of the Company’s common stock.

The Notice indicated that the Company must, no later than June 17, 2024, submit a plan to regain compliance with respect to the filing requirement. On April 22, 2024, the Company filed the Form 10-K with the Securities and Exchange Commission, and, as a result of that filing the Company believes it has regained compliance with the Listing Rule.

Forward-Looking Statements

This press release contains certain statements that may be deemed to be “forward-looking statements” within the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward- looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. Such forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to a number of risks and uncertainties (some of which are beyond our control) that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. These risks include risks relating to agreements with third parties; our ability to raise funding in the future, as needed, and the terms of such funding, including potential dilution caused thereby; our ability to continue as a going concern; security interests under certain of our credit arrangements; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; claims relating to alleged violations of intellectual property rights of others; the outcome of any current legal proceedings or future legal proceedings that may be instituted against us; unanticipated difficulties or expenditures relating to our business plan; and those risks detailed in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.

Investor Contact:

TRxADE Health, Inc.
2420 Brunello Trace
Lutz, Florida 33558
Email: IR@trxade.com

FAQ

What notice did TRxADE Health, Inc. receive from Nasdaq?

TRxADE Health, Inc. received a notice from Nasdaq regarding the late filing of its Annual Report on Form 10-K for the 2023 fiscal year.

What rule requires listed companies to timely file all required periodic reports with the SEC?

Listed companies are required to timely file all required periodic reports with the Securities and Exchange Commission under Nasdaq Listing Rule 5250(c)(1).

When does TRxADE Health, Inc. have to submit a plan to regain compliance?

TRxADE Health, Inc. has to submit a plan to regain compliance by June 17, 2024.

Did the Notice have an immediate effect on the listing or trading of TRxADE Health, Inc.'s common stock?

The Notice had no immediate effect on the listing or trading of TRxADE Health, Inc.'s common stock.

When did TRxADE Health, Inc. file the Form 10-K with the SEC?

TRxADE Health, Inc. filed the Form 10-K with the Securities and Exchange Commission on April 22, 2024.