Nvni Group Limited Receives Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
Rhea-AI Summary
Nvni Group (Nasdaq: NVNI) has received a staff determination letter from Nasdaq on November 12, 2024, indicating non-compliance with Listing Rule 5250(c)(1) due to failure to file its 2023 Annual Report. The company has appealed the delisting determination to the Nasdaq Hearings Panel, which automatically stays the suspension for 15 days. Nvni is requesting an extended stay to maintain its listing during the appeal process and is working to complete and file the 2023 Annual Report. The company notes that this situation doesn't affect its business operations or SEC reporting obligations.
Positive
- Automatic 15-day suspension stay granted during appeal process
- Business operations remain unaffected
Negative
- Risk of potential delisting from Nasdaq
- Failure to file 2023 Annual Report
- Non-compliance with Nasdaq listing requirements
- Uncertainty about extended stay approval
News Market Reaction
On the day this news was published, NVNI declined 11.36%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Nvni Group Limited (Nasdaq: NVNI) (“Nuvini”) today announced that it has received a staff determination letter (the “Determination Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on November 12, 2024. The Determination Letter states that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the “2023 Annual Report”).
On November 15, 2024, the Company submitted a timely appeal of the delisting determination to the Nasdaq Hearings Panel (the "Panel") in accordance with Nasdaq’s procedures. Under Nasdaq Listing Rules, the request for a hearing automatically stays the suspension of the Company’s securities for 15 days. Additionally, the Company intends to request an extended stay, allowing its securities to remain listed and traded under the ticker symbol “NVNI” during the appeal process and any extension period granted by the Panel.
The Company is actively working to complete and file its 2023 Annual Report with the U.S. Securities and Exchange Commission (the “SEC”) as quickly as possible. However, there is no assurance that the Panel will grant the Company’s request for an extended stay or that it will determine the Company has regained compliance with all Nasdaq listing requirements.
The Determination Letter does not impact the Company’s business operations or its reporting obligations with the SEC. Nvni Group remains committed to resolving this matter promptly and keeping its shareholders informed of any updates regarding its Nasdaq listing status.
About Nuvini
Headquartered in São Paulo, Brazil, Nuvini is Latin America's leading acquirer of B2B SaaS businesses. Focused on profitable companies with recurring revenue and growth potential, it fosters an entrepreneurial environment to help its acquisitions deliver mission-critical solutions and achieve industry leadership. Its long-term strategy emphasizes value creation through partnerships with existing management.
For more information, visit www.nuvini.co
For further information or media inquiries regarding this partnership, please contact:
Nuvini Investor and Media Contact
Camilla Carrapatoso
ir@nuvini.co
FAQ
Why is Nvni Group (NVNI) facing potential delisting from Nasdaq?
What actions has Nvni Group (NVNI) taken to address the delisting notice?
How long will Nvni Group (NVNI) remain listed on Nasdaq during the appeal process?
