Connexa Sports Technologies Inc. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q
22 September 2023 - 10:30PM
Connexa Sports Technologies Inc.
(NASDAQ:
CNXA) (www.connexasports.com) (the “Company”)
announced that it received a letter from The Nasdaq Capital
Market (“Nasdaq”) on September 18, 2023 indicating that
(i) the Company’s failure to file its Quarterly Report on Form 10-Q
for the period ended July 31, 2023 (the “
Form
10-Q”), in violation of the Nasdaq’s
continued listing requirements under Nasdaq Listing Rule 5250(c)(1)
(the “
Rule”), serves as an additional basis for
delisting the Company’s securities from Nasdaq based on Listing
Rule 5810(b) and (ii) the Nasdaq Hearings Panel (the “Panel”) will
consider this matter in rendering a determination regarding the
Company’s continued listing on the Nasdaq and the Company should
present its views with respect to this additional deficiency to the
Panel in writing no later than September 27, 2023.
As previously disclosed, on July 26, 2023, the
Company received a letter from the Listing Qualifications
Department of Nasdaq indicating that the Company’s stockholders’
equity as reported in its Quarterly Report on Form 10-Q for the
quarterly period ended January 31, 2023 did not satisfy the
continued listing requirement under Nasdaq Listing Rule 5550(b)(1),
which requires that a listed company’s stockholders’ equity be at
least $2.5 million (the “Minimum Stockholders’ Equity
Requirement”). The Company timely submitted a compliance
plan to the Panel and on August 23, 2023 received notice from
Nasdaq that it has until January 22, 2024 to demonstrate compliance
with the Minimum Stockholders’ Equity Requirement. On October 10,
2022, the Listing Qualifications Department of Nasdaq notified the
Company that the bid price of its shares of common stock had closed
at less than $1 per share over the previous consecutive business
days and, as a result, the company did not comply with Listing Rule
5550(a)(2) (the “Minimum Bid Price Requirement”).
The Panel previously granted the Company’s requested extension
until October 9, 2023 to regain compliance with the Minimum Bid
Price Requirement.
There can be no assurance that the Company will
be able to satisfy the Nasdaq’s continued listing requirements,
regain compliance with the Rule, the Minimum Stockholders’ Equity
Requirement, and the Minimum Bid Price Requirement, and maintain
compliance with other Nasdaq listing requirements.
This announcement is made in compliance with
Nasdaq Listing Rule 5810(b), which requires prompt disclosure of
receipt of a deficiency notification.
Cautionary Statement Concerning
Forward-Looking Statements
This press release contains “forward-looking
statements” (within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended), including statements regarding the
Company’s intention to request an appeal of the Delisting
Determination, the timing of which remains uncertain. These
statements are based on current expectations as of the date of this
press release and involve a number of risks and uncertainties,
which may cause results to differ materially from those indicated
by these forward-looking statements. These risks include, without
limitation, risks related to continued listing and registration of
the Company’s securities on the Nasdaq Stock Market. Any reader of
this press release is cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release, except as
required by applicable laws or regulations.
About Connexa Sports
Technologies:
Connexa Sports is a leading connected sports
company delivering products, technologies, and services across a
range of activities in sports.
Contact Information:
investors@connexasports.com(443)
407-7564www.connexasports.com
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