Neptune Announces Receipt of Nasdaq Notification

Rhea-AI Summary

Neptune Wellness Solutions Inc. (NASDAQ: NEPT) received a Notification Letter from Nasdaq on August 30, 2021, indicating that it failed to meet the minimum bid price requirement of US$1.00 for its common shares. This deficiency is due to the closing bid price being below the threshold for 30 consecutive business days, from July 16 to August 27, 2021. However, the Notification Letter does not impact the current listing. Neptune has until February 28, 2022, to regain compliance, potentially through strategies such as a reverse share split.

Positive

• None.

Negative

• Failed to meet Nasdaq's minimum bid price requirement of US$1.00.
• The notification indicates potential future delisting if compliance is not met by February 28, 2022.

LAVAL, QC, Aug. 31, 2021 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced that the Company has received a written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") on August 30, 2021, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), which requires that the closing bid price for the Company's common shares listed on Nasdaq be maintained at a minimum of US$1.00.

Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common shares for the 30 consecutive business days from July 16, 2021 to August 27, 2021, the Company no longer met the minimum bid price requirement.

The Notification Letter has no immediate effect on the listing of the Company's common shares on Nasdaq.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until February 28, 2022, to regain compliance with the minimum bid price requirement, during which time the Company's common shares will continue to trade on the Nasdaq Capital Market. To regain compliance, the Company's common shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive trading days. In the event the Company does not regain compliance by February 28, 2022, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its common shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding common shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About Neptune Wellness Solutions Inc.

Headquartered in Laval, Quebec, Neptune is a diversified health and wellness company with a mission to redefine health and wellness.  Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit: https://neptunewellness.com/.

Disclaimer – Safe Harbour Forward–Looking Statements

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Neptune Wellness Solutions to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Neptune Wellness Solutions Inc.

FAQ

What did Neptune Wellness announce on August 31, 2021?

Neptune announced that it received a Notification Letter from Nasdaq regarding non-compliance with the minimum bid price requirement.

What is the minimum bid price requirement for Neptune Wellness on Nasdaq?

The minimum bid price requirement is US$1.00.

How long does Neptune have to regain compliance with Nasdaq listing rules?

Neptune has until February 28, 2022, to regain compliance.

What happens if Neptune does not regain compliance with Nasdaq?

If Neptune does not regain compliance, it may face delisting from Nasdaq.

What period did Neptune's share price fail to meet the Nasdaq requirements?

Neptune's shares failed to meet the requirements from July 16 to August 27, 2021.