VISTA,
Calif., April 11, 2024 /PRNewswire/ -- NuZee,
Inc. (NASDAQ: NUZE), a leading coffee co-packing and technology
company, today announced that it had been granted an extension
of time to regain compliance with Nasdaq Listing Rule 5550(b) until
June 14, 2024.
On January 23, 2024, NuZee, Inc.
(the "Company") received notice (the "Notice") from The Nasdaq
Stock Market LLC ("Nasdaq") advising the Company that it is not in
compliance with the minimum stockholders' equity requirement for
continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule
5550(b)(1) requires companies listed on The Nasdaq Capital Market
to maintain stockholders' equity of at least $2,500,000 (the "Stockholders' Equity
Requirement).
Pursuant to the Notice, Nasdaq gave the Company 45 calendar days
to submit to Nasdaq a plan to regain compliance. The Company timely
submitted its plan.
On April 9, 2024, the Company
received a letter from Nasdaq under which it stated that based on
the Company's plan submission that Nasdaq has determined to grant
the Company an extension of time to regain compliance with Nasdaq
Listing Rule 5550(b) until June 14,
2024 (the "Extension Letter"). The Company must furnish to
the SEC and Nasdaq a publicly available report (e.g. a Form 8-K)
which report, among other things, includes a description of the
completed transaction or event that enabled the Company to satisfy
the stockholders' equity requirement for continued listing. After
filing the publicly available report described above, if the
Company fails to evidence compliance upon filing its periodic
report for June 30, 2024 (or the
periodic report for September 30,
2024, if Nasdaq determines to provide a further extension),
the Company may be subject to delisting. In the event the Company
does not satisfy these terms, Nasdaq will provide written
notification that its securities will be delisted. At that time,
the Company may appeal Nasdaq's determination to a Listing
Qualifications Panel.
The company intends to regain compliance within the applicable
extension period.
About NuZee
NuZee, Inc., (NASDAQ: NUZE), is a leading co-packing company for
single-serve coffee formats that partners with companies to help
them expand within the single-serve and private label coffee
category. Providing end-to-end innovative and sustainable solutions
with the flexibility and capacity for both small roasters and large
global brands, NuZee is revolutionizing the way single-serve coffee
is enjoyed in the U.S. Through the brand's unique process, NuZee
fulfills every aspect of co-packing needs, from sourcing, roasting
and blending, to packing and packaging.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions 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. These
forward-looking statements include, but are not limited to, NuZee's
beliefs, plans, goals, objectives, expectations, assumptions,
estimates, intentions, future performance, other statements that
are not historical facts and statements identified by words such as
"expects", "anticipates", "intends", "plans", "believes", "seeks",
"estimates" or words of similar meaning. NuZee cautions you
that such statements are simply predictions and actual events or
results may differ materially. These statements reflect NuZee's
current expectations and NuZee does not undertake to update or
revise these forward-looking statements except as required by law,
even if experience or future changes make it clear that any
projected results expressed or implied in this or other NuZee
statements will not be realized. Further, these statements involve
risks and uncertainties, many of which are beyond NuZee's control,
which could cause actual results to differ materially from the
forward-looking statements. Statements related to, among other
things, the consummation of the offering of common stock and
potential changes in market conditions constitute forward-looking
statements. These risks and uncertainties, many of which are beyond
our control, include: NuZee's plan to obtain funding for its
operations, including funding necessary to develop, manufacture and
commercialize its products; the impact to NuZee's business from
COVID-19 global crisis; general market acceptance of and demand for
NuZee's products; and NuZee's commercialization, marketing and
manufacturing capabilities and strategy; for description of
additional factors that may cause NuZee's actual results,
performance or expectations to differ from any forward looking
statements, please review the information set forth in the 'Risk
Factors' and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of NuZee's public
reports and NuZee's other filings made with the SEC.
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SOURCE NuZee, Inc.