Neptune Wellness announces decision of Nasdaq Hearings Panel to delist shares

Neptune Wellness Solutions announced an update on the status of its appeal against the determination of the Listing Qualifications Staff of The Nasdaq Stock Market to delist the Company’s common shares. As previously disclosed, the Company had been notified by Nasdaq on November 30, 2023 that it was not in compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market, as the bid price for the Common Shares on Nasdaq closed below US$1.00 for 30 consecutive trading days and that it was not in compliance with the minimum stockholders’ equity requirement, as the Company’s stockholders’ equity was below the minimum $2.5 million required for continued listing. The Company submitted a request for a hearing to the to the Nasdaq Hearings Panel to appeal the delisting determination. The Panel hearing took place on February 29, 2024. On March 5, the Company received a written decision of the Panel pursuant to which the Panel upheld the delisting determination and denied the Company’s requests for additional time to rectify the deficiencies. The Company has the right to request a review of the Panel Decision from the Nasdaq Listing Council within 15 days from the date of the Panel Decision. The trading of the Company’s Common Shares on Nasdaq will be suspended as of the opening of business on March 7, 2024. The Company is seeking to have its Common Shares quoted on the OTCQB Venture Market of the OTCMarkets.