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noco-noco Inc, a battery technology company, announced receiving a delisting determination from Nasdaq's Hearings Panel on November 22, 2024. The company's securities will be suspended from trading on November 25, 2024, due to non-compliance with continued listing requirements. noco-noco plans to appeal the decision to the Nasdaq Listing and Hearing Review Council within the 15-day appeal period, though this won't automatically stay the suspension. The company states the delisting will not materially impact operations and maintains its focus on performance growth.
noco-noco Inc. (NCNC) and DG Capital Group have signed an MOU to develop decarbonization solutions by combining noco-noco's battery technology with DGCG's Digital Grid-Forming Inverter System. The partnership aims to create enhanced grid-forming solutions for remote islands, weak-grid regions, industrial complexes, and semiconductor plants.
The collaboration includes technology development and business development initiatives, with plans to establish a joint venture. The timeline involves formulating development roadmap in 2024, executing development in 2025-2026, and expanding sales from 2026 onwards.
noco-noco Inc. announced an extraordinary general meeting (EGM) scheduled for December 13, 2024, at 9:00 A.M. in Singapore, with virtual attendance option. The meeting will address key resolutions including: the postponement of a previously approved 50:1 share consolidation to December 20, 2024, the delay of the second amended articles of association, and an increase in authorized share capital from US$50,000 to US$100,000 by creating 10 million new ordinary shares at $0.005 par value. Shareholders of record as of October 2, 2024, are eligible to vote through Vstock Transfer.
noco-noco Inc announces a delay in implementing its previously approved reverse stock split, originally set for November 1, 2024. The delay occurred due to timing issues with required filings and the issuance of consideration shares to noco-tech. The company will seek shareholder ratification for a revised effective date at an upcoming EGM on December 13, 2024, with the reverse split expected to be implemented around December 20, 2024.
To comply with Nasdaq's $2.5 million minimum stockholders' equity requirement, noco-noco closed the acquisition of separator production facilities from noco-tech for approximately $9 million, issuing 90,433,183 restricted ordinary shares at $0.10 per share. This transaction has improved the company's shareholder equity position from a $7.3 million deficit to a positive $1.7 million.
noco-noco has made a significant advancement in its restart plan by acquiring manufacturing equipment featuring the revolutionary X-SEPA™ technology from 3DOM Alliance and noco-tech. This cutting-edge technology promises to extend battery lifespans by up to five times, particularly in high-temperature conditions. The acquisition, valued at approximately $9 million, will be paid for with about 90 million new shares of noco-noco Inc., at a reference price of 10 cents per share.
The equipment will enable noco-noco to produce up to 35MWh worth of separators, expediting sample deliveries and accelerating energy storage system (ESS) projects. The company expects this production to contribute an annual revenue of up to $3 million USD. This move is expected to improve noco-noco's operational capabilities, commercial prospects, and shareholders' equity position.
noco-noco Inc. has announced amendments to resolutions for its upcoming Extraordinary General Meeting (EGM) scheduled for October 7, 2024, at 9:00 A.M. (Singapore Time). The company is including a new Additional Proposal alongside the original four proposals outlined in the August 22, 2024 EGM notice. The EGM will be held at 3 Temasek Avenue, Centennial Tower, Level 18, Singapore 039190, with virtual access via webcast.
The amendments involve adjustments to Resolution Proposals 1 and 2, specifying the exact share consolidation ratio. Shareholders must register through the webcast platform by October 3, 2024, at 3:00 P.M. SGT to participate in voting. Legal proxy forms from authorized brokers are required and must be submitted via the voting platform by October 5, 2024, at 5:00 P.M. SGT.
noco-noco Inc (NASDAQ: NCNC) has secured a significant new financing option through a standby equity line of credit (ELOC) with Arena Investors, LP affiliate, Arena Business Solutions. This facility, effective August 29, 2024, allows noco-noco to issue and sell up to $150 million in common stock shares to Arena.
The company's F-1/A Registration Statement became effective on August 19, 2024. This ELOC is expected to enhance noco-noco's financial flexibility, strengthen shareholder equity, and accelerate the commercialization of X-SEPATM. CEO Masataka Matsumura emphasized that this financing is a key part of their fundraising strategy, enabling clearer planning and faster execution of commercialization plans.
noco-noco Inc (NCNC) has announced its 2025 Business Restart Plan to drive strategic growth. The plan focuses on mass production of high-performance batteries, streamlining operations, and expanding energy storage solutions. Key highlights include:
1. Establishing production facilities for X-SEPA™ technology batteries by late 2025.
2. Reducing operating cash burn to $300,000 per quarter.
3. Targeting a 1 GWh grid-scale energy storage project in Japan by Q1 2025.
4. Securing $5.6 million in PIPE investments and a $150 million equity financing facility.
The company aims to overcome challenges like declining stock price and financing difficulties through these initiatives, positioning itself as a leader in sustainable energy solutions.
noco-noco Inc (NASDAQ: NCNC) has secured a significant new financing option through a standby equity line of credit (ELOC) with Arena Investors LP, effective August 29, 2024. This facility allows noco-noco to issue and sell up to $150 million in common stock shares to Arena, enhancing the company's financial flexibility and accelerating its progress towards X-SEPATM production.
The company's F-1/A Registration Statement became effective on August 19, 2024, paving the way for this strategic financial move. CEO Masataka Matsumura emphasized that this financing is important for their fundraising strategy and will provide greater clarity in planning their commercialization efforts. noco-noco aims to drive the global shift towards a cleaner, greener future with its innovative technologies and practical solutions.
noco-noco Inc (NCNC) has been granted a temporary exception by Nasdaq to remain listed on The Nasdaq Capital Market until October 30, 2024. This decision comes after the company received a hearing decision letter from Nasdaq's Listing Qualifications Department. The exception period allows NCNC to regain compliance with two important listing rules: the Bid Price Rule and the Market Value of Listed Securities (MVLS) Rule.
To maintain its listing, noco-noco must meet specific conditions, including implementing a reverse stock split and conducting a series of debt and equity financings. The company is also required to promptly notify Nasdaq of any significant events that may affect its compliance with listing requirements during this exception period.