Neptune Announces Receipt of NASDAQ Notification

Rhea-AI Summary

Neptune Wellness Solutions Inc. has received a letter from Nasdaq stating that it does not meet the minimum stockholders' equity requirement for continued listing. The company has 45 days to submit a plan to regain compliance. The company intends to regain compliance and is currently working on a plan.

LAVAL, QC, July 21, 2023 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT), a consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced that it has received a letter from the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based on the reported stockholders' equity of Neptune as reported in its recent Annual Report on Form 10-K, the Company does not meet the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market under the equity criteria under Nasdaq Listing Rule 5550(b)(1) stating listed companies must maintain stockholders' equity of at least $2,500,000.

The Nasdaq notification letter has no immediate effect on the Company's business operations or the listing of the Company's common shares, and they will continue to trade on the Nasdaq Capital Market under the symbol "NEPT".

Pursuant to the Nasdaq Listing Rule 5550(b)(1) the Company has 45 calendar days, or until September 5, 2023, to submit a plan to regain compliance. If the plan is accepted, Nasdaq can grant an extension of 180 calendar days from the date of the letter to evidence compliance.

The Company intends to regain compliance within the applicable compliance period and is currently working on a plan to submit to Nasdaq.

About Neptune Wellness Solutions Inc.

Neptune is a consumer-packaged goods company that aims to innovate health and wellness products. Founded in 1998 and headquartered in Laval, Quebec, the Company focuses on developing a portfolio of high-quality, affordable consumer products that align with the latest market trends for natural, sustainable, plant-based and purpose-driven lifestyle brands. The Company's products are available in more than 27,000 retail locations and include well-known organic food and beverage brands such as Sprout Organics, Nosh, and Nurturme, as well as nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and adaptable manufacturing and supply chain infrastructure, the Company can quickly respond to consumer demand, and introduce new products through retail partners and e-commerce channels. Please visit neptunewellness.com for more details.

Disclaimer – Safe Harbor Forward–Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include, among other things, statements with respect to the ability regain compliance with Nasdaq listing requirements.

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SOURCE Neptune Wellness Solutions Inc.

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Neptune Wellness Solutions Inc.

What is the reason for the notification from Nasdaq?

The notification from Nasdaq is due to Neptune's reported stockholders' equity not meeting the minimum requirement for continued listing.

What is the deadline for Neptune to submit a plan to regain compliance?

Neptune has 45 calendar days, until September 5, 2023, to submit a plan to regain compliance.

What happens if Neptune's plan is accepted by Nasdaq?

If Neptune's plan is accepted, Nasdaq can grant an extension of 180 calendar days for Neptune to evidence compliance.

Is the company's business operations or listing affected immediately?

No, the Nasdaq notification letter has no immediate effect on the company's business operations or the listing of its common shares.