NVNI Group Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(2)
Rhea-AI Summary
Nvni Group (NVNI), a serial acquirer of SaaS B2B companies in Latin America, has received a non-compliance notification from Nasdaq on January 9, 2024. The notice stems from the company's delay in filing its Q2 2023 interim financial statements on Form 6-K, violating Nasdaq Listing Rule 5250(c)(2).
The company has until March 8, 2025, to either file the Annual Report or submit a Compliance Plan to Nasdaq. If Nasdaq accepts the Compliance Plan, NVNI may receive an extension until June 30, 2025, to file the report and regain compliance. If Nasdaq rejects the plan, NVNI can appeal to a Nasdaq Hearings Panel. The company intends to file the Annual Report within the 60-day deadline. Currently, the notification does not affect NVNI's listing on the Nasdaq Capital Market.
Positive
- Company maintains its Nasdaq listing status for now
- Company has multiple options to resolve the compliance issue (direct filing or compliance plan)
- 60-day grace period provided to resolve the situation
Negative
- Non-compliance with Nasdaq listing requirements due to delayed Q2 2023 financial filing
- Risk of potential delisting if compliance is not achieved
- Possibility of extended regulatory scrutiny
News Market Reaction – NVNI
In the trading session that priced this news, NVNI declined 11.24%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Nvni Group Limited (Nasdaq: NVNI) (“Nuvini” or the “Company”), the leading serial acquirer of private SaaS B2B companies in Latin America, today announced that it received a staff determination notice (the “Determination”) on January 9, 2024, from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that due to its delay in filing its interim financial statements on form 6-K for the period of the end of its second quarter of 2023, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(2).
Under Nasdaq rules, the Company has 60 calendar days, or until March 8, 2025, to either file the Annual Report or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule (the “Compliance Plan”). If the Company does not file the Annual Report but submits a Compliance Plan, and Nasdaq accepts the Compliance Plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until June 30, 2025, to file the Annual Report and regain compliance. If Nasdaq does not accept the Company’s Compliance Plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Notice has no immediate effect on the listing of the Company’s ordinary shares on the Nasdaq Capital Market.
The Company intends to file the Annual Report within the 60-day period described above.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Nuvini
Headquartered in São Paulo, Brazil, Nuvini is the leading private serial software business acquirer in Latin America. The Nuvini Group acquires software companies within SaaS markets in Latin America. It focuses on acquiring profitable “business-to-business” SaaS companies with a consolidated business model, recurring revenue, positive cash generation and relevant growth potential. The Nuvini Group enables its acquired companies to provide mission-critical solutions to customers within its industry or sector.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws related to Arrival’s intentions regarding the above matters. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Readers are cautioned not to put undue reliance on forward-looking statements as they are subject to numerous uncertainties and factors, all of which are difficult to predict and many of which are beyond Arrival’s control. Except as required by applicable law, Arrival assumes no obligation to and does not intend to update or revise these forward-looking statements after the date of this press release, whether as a result of new information, future events, or otherwise. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement made in this press release or elsewhere might not occur.
Camilla Carrapatoso
ir@nuvini.co
