Fusion Fuel Receives Staff Determination Notice from Nasdaq, Submits Appeal Request
Rhea-AI Summary
Fusion Fuel Green PLC received a Staff Determination Notice from Nasdaq due to non-compliance with the minimum $10 million stockholders' equity requirement. The company reported stockholders' equity of $3,022,125 in its 2023 Form 20-F. Despite submitting a compliance plan and requesting transfer to The Nasdaq Capital Market, Fusion Fuel failed to complete necessary transactions by the November 4, 2024 deadline. While facing potential delisting, the company has appealed the determination, which temporarily stays the suspension of its securities pending the Panel's decision.
Positive
- None.
Negative
- Failed to meet Nasdaq's minimum $10M stockholders' equity requirement, reporting only $3.02M
- Unable to complete required transactions for Nasdaq Capital Market transfer
- Facing potential delisting from Nasdaq
- Failed to meet alternative listing standards requirements
Insights
This concerning development signals serious financial distress at Fusion Fuel. The company's
While the appeal process provides temporary relief from immediate delisting, historical patterns show that companies in similar situations face challenging odds of maintaining their listing status. A potential delisting would severely impact trading liquidity and institutional investment accessibility, likely leading to increased volatility and potential value deterioration. The company's small market cap of
DUBLIN, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (“Fusion Fuel” or the “Company”) today announced that the Company received a letter (the “Staff Determination Notice”) from the staff of the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”). The Staff Determination Notice noted that on May 8, 2024, the Staff had notified the Company that it did not comply with the minimum
Pursuant to Nasdaq rules, the Company timely submitted a plan to regain compliance. Among other things, the plan had included the Company’s request to transfer its listing to The Nasdaq Capital Market by November 4, 2024, which was 180 days after the date of the Deficiency Notice, the maximum number of days that the Staff had discretion to grant to regain compliance pursuant to Nasdaq Listing Rule 5450(b)(1)(A). The Company subsequently indicated to the Staff that it planned to satisfy the requirements to transfer its listing to The Nasdaq Capital Market by the completion of certain transactions by November 4, 2024. The Company was unable to consummate these transactions by November 4, 2024.
The Staff Determination Notice stated that the Staff had made the determination to deny the Company’s request for continued listing on The Nasdaq Capital Market (the “Staff Determination”). The Staff Determination Notice stated that unless the Company requested an appeal of the determination by November 12, 2024, trading of the Company’s ordinary shares and warrants would be suspended at the opening of business on November 14, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq.
The Company has submitted a request for hearing before a Nasdaq Hearings Panel (the “Panel”). The Company’s hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. There can be no assurance that the Panel will grant the Company’s request for continued listing.
About Fusion Fuel Green PLC
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel’s patented miniaturized Proton Exchange Membrane (PEM) electrolyzer – the HEVO – and building-block approach to green hydrogen production, unlock unprecedented modularity, flexibility, and reliability in the design and deployment of small-to-midscale green hydrogen solutions. Its business lines include the sale of its electrolyzer systems, the development and sale of turnkey hydrogen plants, and the provision of end-to-end project engineering and advisory services. Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu, and by following us on LinkedIn.
Forward Looking Statements
This press release includes “forward-looking statements.” Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target”, “may”, “intend”, “predict”, “should”, “would”, “predict”, “potential”, “seem”, “future”, “outlook” or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.
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FAQ
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