Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 6, 2024, the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market LLC ("Nasdaq") notified Enveric Biosciences, Inc. (the "Company") that based on the Staff's review of materials submitted by the Company to Nasdaq, the Staff determined to grant the Company an extension to regain compliance with the minimum stockholders' equity requirement of at least $2,500,000 as set forth in Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Capital Market (the "Stockholders' Equity Requirement").
The deficiency with respect to the Company's compliance with the Stockholders' Equity Requirement was disclosed in the Company's Current Report on Form 8-K filed by the Company on November 22, 2023. In the event the Company does not regain and evidence compliance with the Stockholders' Equity Requirement by May 20, 2024, the Staff will provide written notification to the Company that its securities may be subject to delisting. Further, if the Company fails to evidence compliance upon filing its periodic report for June 30, 2024 with the Securities and Exchange Commission and Nasdaq, the Company may be subject to delisting. At that time, the Company may appeal the Staff's determination to a Hearings Panel.
The Company plans to regain and evidence compliance with the Stockholders' Equity Requirement by the required deadlines.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans,"" expects" or "does not expect," "proposed," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," or "believes," or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements may include historical statements and statements regarding beliefs, plans, expectations, or intentions regarding the future and are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of various factors. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable based on information currently available, the Company cannot assure you that the expectations will prove to have been correct. Accordingly, you should not place undue reliance on these forward-looking statements. In any event, these statements speak only as of the date of this Current Report on Form 8-K. The parties undertake no obligation to revise or update any of the forward-looking statements to reflect events or circumstances after the date of this Current Report on Form 8-K or to reflect new information or the occurrence of unanticipated events.
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Enveric Biosciences Inc. published this content on 09 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2024 13:06:24 UTC.
