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Warrantee Inc. received a Nasdaq delisting determination due to failure to comply with the minimum bid price requirement of $1.00 per share. The company is appealing the decision to a Hearings Panel after not regaining compliance by the deadline. Nasdaq also cited non-compliance with stockholders' equity and filing requirements as additional delisting factors.
Warrantee Inc. ha ricevuto una notifica di delisting da Nasdaq per non aver rispettato il requisito del prezzo minimo di offerta di $1,00 per azione. La società sta facendo appello della decisione a un Panel di Udienze dopo non aver riacquistato la conformità entro la scadenza. Nasdaq ha anche citato la non conformità con i requisiti di patrimonio netto degli azionisti e di presentazione come ulteriori fattori di delisting.
Warrantee Inc. recibió una determinación de desliste de Nasdaq debido al incumplimiento del requisito de precio mínimo de oferta de $1.00 por acción. La compañía está apelando la decisión ante un Panel de Audiencias después de no recuperar el cumplimiento antes de la fecha límite. Nasdaq también citó el incumplimiento con los requisitos de patrimonio de los accionistas y de presentación de informes como factores adicionales para el desliste.
Warrantee Inc.는 주당 최소 입찰 가격 요구조건인 $1.00을 준수하지 못해 Nasdaq의 상장 폐지 결정을 받았습니다. 회사는 기한 내에 규정 준수를 회복하지 못한 후 청문회 패널에 결정에 대한 항소를 진행 중입니다. 또한 나스닥은 주주 자본 및 보고 요구 사항의 미준수를 추가적인 상장 폐지 요인으로 지적했습니다.
Warrantee Inc. a reçu une décision de radiation de Nasdaq en raison de son incapacité à respecter l'exigence du prix d'offre minimum de $1,00 par action. L'entreprise fait appel de la décision auprès d'un panel d'auditions après n'avoir pas retrouvé la conformité avant la date limite. Nasdaq a également cité le non-respect des exigences en matière de capitaux propres des actionnaires et des obligations de dépôt comme facteurs supplémentaires de radiation.
Warrantee Inc. hat eine Nasdaq-Delistungsentscheidung erhalten, da es die Mindestgebotpreisanforderung von $1,00 pro Aktie nicht erfüllte. Das Unternehmen legt gegen die Entscheidung bei einem Anhörungsausschuss Einspruch ein, nachdem es die Compliance bis zum Stichtag nicht wiederherstellen konnte. Nasdaq zitierte auch die Nichteinhaltung der Eigenkapitalanforderungen der Aktionäre und der Berichtspflichten als zusätzliche Delisting-Faktoren.
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The company faces delisting from Nasdaq if it fails to appeal the determination by April 22, 2024, resulting in a suspension of securities and removal from listing and registration. Non-compliance with multiple Nasdaq listing rules poses a significant challenge for Warrantee Inc.
Insights
Warrantee Inc.'s recent notification from Nasdaq flags a critical issue for investors as it reflects fundamental challenges in maintaining compliance with market requirements. The failure to meet the minimum bid price is often a red flag, potentially indicative of low investor confidence or financial instability. The company's inability to file the required Form 6-K further compounds these concerns, signaling potential internal disarray or financial complications that could have far-reaching implications. For shareholders, these developments require close monitoring, especially considering the serious consequences of delisting, such as reduced liquidity and limited access to capital markets.
The procedural aspect of Warrantee Inc.'s situation, involving the appeal to a Nasdaq Hearings Panel, creates a situation laden with uncertainty. The appeal process, while offering a temporary reprieve, does not guarantee that the underlying issues leading to the initial delisting notice will be rectified. Delisting can have significant legal repercussions for a company, including potential investor lawsuits if shareholders feel misled or that the company did not adequately address the issues leading to delisting. Investors should be aware of these legal entanglements that could affect the company's future performance and its management's ability to navigate effectively through compliance challenges.
In examining Warrantee Inc.'s strategic options such as a reverse stock split to counter the delisting threat, investors must consider the market perception of such actions. While a reverse stock split may technically elevate the share price above the minimum bid requirement, it does not inherently solve the underlying financial health issues. It's also a temporary solution that can often be viewed unfavorably by the market, as it can be perceived as a cosmetic fix rather than a substantive improvement in company performance or prospects. Investors will need to weigh any short-term gains from staying listed against the potential long-term impact on share value and corporate reputation.
Tokyo, Japan, April 19, 2024 (GLOBE NEWSWIRE) -- Warrantee Inc. (Nasdaq: WRNT) (the “Company” or “Warrantee”), a Japanese marketing and market research technology company, today announced that the Company received a staff determination letter (the “Letter”), on April 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, due to the Company's failure to regain compliance with a minimum bid price of $1.00 per share requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"), the Staff has determined (the “Determination”) that Company's securities will be scheduled for delisting from Nasdaq unless the Company requests an appeal of this determination to a Hearings Panel (the "Panel").
On October 13, 2023, the Company received a letter from Nasdaq (the "Notice"), notifying the Company that based upon the closing bid price of its securities for the last 30 consecutive business days preceding the Notice, the Company was not in compliance with the Minimum Bid Requirement. In accordance with Listing Rule 5810(c)(3)(A), the Notice provided the Company a period of 180 calendar days from the date of the Notice, or until April 10, 2024, to regain compliance with the Minimum Bid Requirement.
According to the Letter, the Company had not regained compliance with the Minimum Bid Requirement as of April 10, 2024 and is not eligible for a second 180-day period. Specifically, the Company does not comply with the initial listing requirement of $5,000,000 minimum stockholders’ equity for The Nasdaq Capital Market, as contemplated for a second 180-day period. Further, on April 4, 2024, Nasdaq notified the Company that since the Company failed to file its Form 6-K containing an interim balance sheet and income statement for the six-month period ended September 30, 2023, it no longer complies with our Listing Rule 5250(c)(2). This matter serves as an additional and separate basis for delisting. Unless the Company requests an appeal of the Determination by April 22, 2024, the Company’s securities will be suspended at the opening of business on April 24, 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 plans to appeal the Determination to the Panel in due course. A hearing request will stay the suspension of the Company’s securities and the filing of Form 25-NSE pending the Panel’s decision. The Company is considering all options available to it, including a reverse stock split, and will provide its shareholders with material updates when they are available.
About Warrantee Inc.
Founded in Japan in 2013, Warrantee is a Japanese marketing and market research technology company that helps corporate sponsors unlock value through targeted marketing campaigns while providing its corporate sponsors' potential customers who participate in its campaigns with extended warranty coverage on durables or certain healthcare benefits sponsored by its corporate sponsors. Warrantee focuses on developing a suite of specialized marketing and market research services and these services are designed to collect and leverage targeted and specialty data of its corporate sponsors' potential customers to provide proprietary market insights to its corporate sponsors and promote the sales of their products. At the core of Warrantee's current business of providing marketing campaign services is its trinity model, which connects three stakeholders: corporate sponsors, campaign participants, whom Warrantee also refers to as users, and Warrantee, and is designed to benefit all three stakeholders. For more information, please visit the Company's website: https://warrantee.com/ir/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “should,” “believe,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “continue,” “predict,” “project,” “potential,” “target,” “goal,” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.
