Zentek Ltd. Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
Zentek (NASDAQ: ZTEK) (TSXV: ZEN) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company's shares have traded below $1.00 for 31 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). Zentek has until March 10, 2025, to regain compliance by maintaining a closing bid price of at least $1.00 for ten consecutive business days. If unsuccessful, the company may be eligible for an additional 180-day grace period. Failure to meet requirements could result in delisting, though Zentek can appeal such a decision. The company's management is actively monitoring the situation and considering options to address the deficiency.
Zentek (NASDAQ: ZTEK) (TSXV: ZEN) ha ricevuto una notifica dalla Nasdaq riguardante la non conformità ai requisiti di prezzo minimo di offerta. Le azioni della società hanno avuto un prezzo inferiore a $1,00 per 31 giorni lavorativi consecutivi, violando la Regola di quotazione Nasdaq 5550(a)(2). Zentek ha tempo fino al 10 marzo 2025 per ripristinare la conformità mantenendo un prezzo di chiusura di almeno $1,00 per dieci giorni lavorativi consecutivi. In caso di insuccesso, la società potrebbe avere diritto a un ulteriore periodo di grazia di 180 giorni. Il mancato rispetto dei requisiti potrebbe comportare la delisting, anche se Zentek può presentare appello contro tale decisione. La direzione dell’azienda sta monitorando attivamente la situazione e valutando opzioni per affrontare la carenza.
Zentek (NASDAQ: ZTEK) (TSXV: ZEN) ha recibido una notificación de Nasdaq sobre el incumplimiento del requisito de precio mínimo de oferta. Las acciones de la compañía han cotizado por debajo de $1.00 durante 31 días hábiles consecutivos, violando la Regla de cotización Nasdaq 5550(a)(2). Zentek tiene hasta el 10 de marzo de 2025 para recuperar el cumplimiento manteniendo un precio de cierre de al menos $1.00 durante diez días hábiles consecutivos. Si no tiene éxito, la empresa podría ser elegible para un período de gracia adicional de 180 días. El incumplimiento de los requisitos podría resultar en una deslistación, aunque Zentek puede apelar dicha decisión. La dirección de la empresa está monitoreando activamente la situación y considerando opciones para abordar la deficiencia.
젠텍 (NASDAQ: ZTEK) (TSXV: ZEN)은 최소 입찰 가격 요건 위반에 대한 나스닥의 통지를 받았습니다. 회사의 주가는 31일 연속으로 $1.00 이하로 거래되어 나스닥 상장 규칙 5550(a)(2)를 위반했습니다. 젠텍은 2025년 3월 10일까지 10일 연속으로 $1.00 이상의 종가를 유지하여 준수 상태를 회복해야 합니다. 실패할 경우, 회사는 추가 180일의 유예 기간을 가질 수 있습니다. 요건을 충족하지 못하면 상장 폐지로 이어질 수 있지만, 젠텍은 그러한 결정에 항소할 수 있습니다. 회사의 경영진은 현재 상황을 적극적으로 모니터링하고 결함을 해결하기 위한 옵션을 고려하고 있습니다.
Zentek (NASDAQ: ZTEK) (TSXV: ZEN) a reçu une notification de la Nasdaq concernant le non-respect de l'exigence de prix d'offre minimum. Les actions de la société ont été échangées en dessous de $1,00 pendant 31 jours de bourse consécutifs, violant ainsi la Règle de cotation Nasdaq 5550(a)(2). Zentek a jusqu'au 10 mars 2025 pour rétablir sa conformité en maintenant un prix de clôture d'au moins $1,00 pendant dix jours de bourse consécutifs. En cas d'échec, la société pourrait bénéficier d'une période de grâce supplémentaire de 180 jours. Le non-respect des exigences pourrait entraîner un retrait de la cotation, bien que Zentek puisse faire appel d'une telle décision. La direction de l'entreprise surveille activement la situation et envisage des options pour remédier à la situation.
Zentek (NASDAQ: ZTEK) (TSXV: ZEN) hat eine Mitteilung von Nasdaq über die Nichteinhaltung der Mindestgebotsanforderung erhalten. Die Aktien des Unternehmens wurden 31 aufeinanderfolgende Handelstage unter $1,00 gehandelt und haben damit die Nasdaq-Zulassungsregel 5550(a)(2) verletzt. Zentek hat bis zum 10. März 2025 Zeit, die Einhaltung wiederherzustellen, indem ein Schlusskurs von mindestens $1,00 für zehn aufeinanderfolgende Handelstage gehalten wird. Bei Nichterfolg könnte das Unternehmen für eine zusätzliche Nachfrist von 180 Tagen berechtigt sein. Das Versäumnis, die Anforderungen zu erfüllen, könnte zur Delisting führen, obwohl Zentek gegen eine solche Entscheidung Berufung einlegen kann. Das Management des Unternehmens überwacht aktiv die Situation und prüft Optionen zur Behebung des Defizits.
- No immediate delisting from Nasdaq
- 180-day compliance period granted until March 10, 2025
- Possibility of additional 180-day grace period if certain conditions are met
- Non-compliance with Nasdaq minimum bid price requirement
- Risk of potential delisting if compliance is not achieved
- Possible need for reverse stock split to meet bid price requirement
Insights
Zentek's receipt of a Nasdaq notification regarding minimum bid price deficiency is a concerning development for investors. The company's stock price falling below $1 for an extended period signals weak market sentiment and potential liquidity issues. While Zentek has until March 10, 2025 to regain compliance, failure to do so could result in delisting, which would significantly impact investor access and stock liquidity. The company's options to address this include a reverse stock split or improving fundamental performance to drive stock price appreciation. Investors should closely monitor Zentek's efforts to regain compliance and assess the company's underlying business prospects to determine if this is a temporary setback or indicative of more significant challenges.
This notification highlights a broader trend in the small-cap technology sector, where many companies are struggling to maintain Nasdaq compliance amid challenging market conditions. Zentek's situation is not unique, but it does raise questions about the company's growth trajectory and investor confidence. The 180-day compliance period provides a critical window for Zentek to demonstrate value to the market. Investors should watch for any strategic initiatives, product developments, or partnerships that could boost investor interest and drive the stock price above the $1 threshold. The company's ability to navigate this challenge will be a key indicator of its management's effectiveness and the strength of its business model.
Guelph, Ontario--(Newsfile Corp. - September 13, 2024) - Zentek Ltd. (NASDAQ: ZTEK) (TSXV: ZEN) ("Zentek" or the "Company") announces that on September 11, 2024, it received a written notification (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") that the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2), as the minimum bid price of the Company's common shares ("Shares") has been below US
The Notification Letter is only a notification of deficiency and not a notice of delisting. As such, the Notification Letter has no immediate effect on the listing or trading of the Company's Shares on the Nasdaq Capital Market under the symbol "ZTEK."
Nasdaq Listing Rules
Nasdaq Listing Rule 5550(a)(2) requires securities listed on the Nasdaq Capital Market to maintain a minimum bid price of US
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Zentek has a period of 180 calendar days, or until March 10, 2025, in which to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Company's Shares must meet or exceed US
Zentek's management intends to actively monitor the bid price for its Shares and will consider all available options to regain compliance with the Nasdaq minimum bid price requirement.
The Company's business operations are not affected by the receipt of the Notification Letter.
About Zentek Ltd.
Zentek is an ISO 13485:2016 certified intellectual property technology company focused on the research, development and commercialization of novel products seeking to give the Company's commercial partners a competitive advantage by making their products better, safer, and greener.
Zentek's patented technology platform ZenGUARD™, is shown to have 99-per-cent anti-microbial activity and to significantly increase the viral filtration efficiency for surgical masks and aims to do the same for HVAC (heating, ventilation, and air conditioning) systems. Zentek's ZenGUARD™ production facility is located in Guelph, Ontario.
For further information on Zentek:
Ryan Shacklock
Senior VP, Strategy & Business Development
Email: rshacklock@zentek.com
Phone: 306-270-9610
To find out more about Zentek, please visit our website at www.Zentek.com. A copy of this news release and all material documents in respect of the Company may be obtained on Zentek's SEDAR+ profile at http://www.sedarplus.ca/.
Forward-Looking Statements
This news release contains forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although Zentek believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Zentek disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223278
FAQ
Why did Zentek (ZTEK) receive a notification from Nasdaq?
What is the deadline for Zentek (ZTEK) to regain compliance with Nasdaq's minimum bid price requirement?
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How might Zentek (ZTEK) address the Nasdaq minimum bid price deficiency?
