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Hempacco (NASDAQ: HPCO), a vertically integrated hemp manufacturing company, has received a written notice from Nasdaq's Listing Qualifications Department regarding its failure to file the Quarterly Report on Form 10-Q for the period ended June 30, 2024. This delinquency serves as an additional basis for potential delisting of the company's securities from Nasdaq.
The notice indicates that Nasdaq's hearings panel will consider this matter in their decision about Hempacco's continued listing. The company is working to complete and file its delinquent Quarterly Reports and plans to present its views on this deficiency to the hearings panel by August 27, 2024.
Hempacco Co, Inc. (NASDAQ: HPCO) has announced a partnership with Simtech to create Celebrity Vending. The agreement includes the acquisition of 124 Nayxs and customer managed vending machines and over 77 active sales booths across the country. Hempacco's subsidiary, Hempbox Vending, Inc., will be rebranded as "Celebrity Vending" and will contribute over 100 vending machine kiosks.
The new entity, Celebrity Vending, will have licenses to sell Hempacco's celebrity-branded products and VDL tribe approval for casinos. This partnership aims to expand Hempacco's market presence and diversify its product offerings through innovative vending solutions.
Hempacco (NASDAQ: HPCO) has announced the receipt of a Nasdaq delisting notice due to non-compliance with several listing rules. The company failed to hold an annual shareholder meeting within twelve months of its fiscal year-end and did not file its Annual Report for the year ending December 31, 2023, or its Quarterly Report for the quarter ending March 31, 2024.
On July 7, 2024, Hempacco submitted an appeal against the delisting and requested a hearing. This request temporarily stays the suspension or delisting action for 15 days. Hempacco is working to file the overdue reports and plans to hold the annual meeting soon.
Hempacco (NASDAQ: HPCO) has announced the acquisition of assets from Simtech, MJAC Vending, and Bear Air. The deal includes 120 Nayxs vending machines, with 77 active booth placements and Disney-branded kiosks. The acquisition will lead to the rebranding of Hempacco's subsidiary, Hempbox Vending, as 'Celebrity Vending,' which will own at least 100 vending machine kiosks. Celebrity Vending will also sell Hempacco's celebrity-branded and Disney-branded products and have VDL tribe approval for casinos. Post-acquisition, David Simchon will be appointed CEO of Celebrity Vending. Both Hempacco CEO Sandro Piancone and Simtech CEO David Simchon highlighted the growth and innovation potential from this partnership.
Hempacco (NASDAQ: HPCO) announced it received a deficiency notice from Nasdaq for not filing its Quarterly Report on Form 10-Q for the quarter ending March 31, 2024. This notice, dated May 23, 2024, indicates non-compliance with Nasdaq Listing Rule 5250(c)(1). This has no immediate effect on the listing or trading of HPCO shares, but failure to comply may lead to delisting. Hempacco has until June 17, 2024, to update its compliance plan. If Nasdaq accepts, Hempacco may get up to 180 days extension until October 14, 2024. However, there's no assurance of plan acceptance or compliance within the extension period. Hempacco is working to file the report promptly.
Hempacco and Illumination Brands plan to combine their operations to create a vertically integrated beverage and snack brand incubator, aiming for $35 million in revenue in the first year. The potential combination would revolutionize the industry by leveraging Hempacco's manufacturing and R&D capabilities with Illumination Brands' distribution network.
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