noco-noco Inc to Appeal Nasdaq Delisting Determination
Rhea-AI Summary
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.
Positive
- None.
Negative
- Received Nasdaq delisting determination due to listing requirements non-compliance
- Trading suspension effective November 25, 2024
- Appeal won't prevent immediate trading suspension
Insights
The Nasdaq delisting determination represents a significant setback for noco-noco, as it could substantially impact the stock's liquidity and institutional investor access. The trading suspension effective November 25, 2024, coupled with potential delisting, typically triggers forced selling by index funds and institutional investors with mandate restrictions. While the company plans to appeal within the 15-day window, historical precedent suggests low success rates for such appeals without substantial changes in compliance status.
The company's statement about "no material impact on operations" warrants skepticism, as delisting often affects a company's ability to raise capital, maintain business relationships and attract investors. Small-cap companies like noco-noco, with a market cap of just
Singapore, Nov. 25, 2024 (GLOBE NEWSWIRE) --
SINGAPORE, November 25, 2024 — noco-noco Inc. (“noco-noco” or the “Company”), a next-generation battery technology innovator, today announced that, on November 22, 2024 Singapore Time, it has received a determination letter from The Nasdaq Stock Market’s Hearings Panel (the “Panel”) notifying the Company of its decision to delist noco-noco’s securities due to non-compliance with Nasdaq’s continued listing requirements. The Panel determined that the Company’s securities will be suspended from trading on Nasdaq at the open of business on November 25, 2024.
The Company intends to appeal the Panel’s decision to the Nasdaq Listing and Hearing Review Council (the “Listing Council”) within the applicable 15-day appeal period. While the initiation of the appeal will not automatically stay the suspension, the Company is taking concrete measures to regain compliance with Nasdaq’s listing requirements.
Impact on Operations
The delisting notice will have no material impact on the Company’s operations, and noco-noco will continue to focus on driving performance growth and operational efficiency. The Company remains committed to creating value for shareholders and strengthening its position as a leader in next-generation energy storage technology.
About noco-noco:
noco-noco Inc. (Nasdaq NCNC) is a technology solutions provider in the energy transition sector working to accelerate the global transformation to a decarbonized economy. Building its business on X-SEPA™ — the revolutionary battery separator technology developed in Japan and designed for long-lasting and high heat-resistant performance— noco-noco addresses the need for clean, affordable, and sustainable energy storage solutions.
Read more about noco-noco:
https://noco-noco.com/
Safe Harbor Statement:
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When noco-noco Inc. (the “Company”) uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; and the international markets the Company serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
FAQ
Why is NCNC stock being delisted from Nasdaq?
When will NCNC stock be suspended from trading on Nasdaq?
What actions is NCNC taking regarding the Nasdaq delisting?
