Pineapple Financial Announces Relisting on the NYSE American

Rhea-AI Summary

Pineapple Financial (NYSE American: PAPLD) has announced its successful relisting on the NYSE American following a 1-for-20 reverse stock split, with trading set to resume on July 22, 2025. The company, a leading Canadian mortgage technology and brokerage firm, has demonstrated strong operational performance with 13.3% year-over-year volume growth and 13.9% increase in gross billings in Q3.

Under CEO Shubha Dasgupta's leadership, Pineapple has implemented significant operational improvements, including a 32.3% reduction in staff-related expenses. The company has advanced its proprietary PineappleONE mortgage platform and launched a national insurance vertical, positioning itself for growth in the Canadian housing market.

Positive

• 13.3% year-over-year volume growth in Q3
• 13.9% increase in gross billings
• 32.3% reduction in staff-related expenses
• Successful relisting on NYSE American indicates improved financial health
• Launch of PineappleONE platform and national insurance vertical shows product expansion

Negative

• 1-for-20 reverse stock split indicates previous share price weakness
• Previous delisting suggests historical compliance issues

Insights

Financial Restructuring Analyst

Pineapple Financial's NYSE American relisting following a 1-for-20 reverse split signals corporate recovery amid improving operational metrics.

Pineapple Financial's successful relisting on the NYSE American represents a significant corporate recovery milestone. The 1-for-20 reverse stock split was strategically implemented to meet the exchange's minimum price requirements, which typically mandate maintaining a share price above $1.00. This move indicates the company had likely been struggling with compliance issues that threatened its listing status.

The financial improvements highlighted are meaningful: 13.3% year-over-year volume growth and 13.9% increase in gross billings. Particularly noteworthy is the 32.3% reduction in staff-related expenses, suggesting substantial restructuring efforts to streamline operations and improve profitability metrics.

The timing aligns with a potentially favorable market environment as CEO Dasgupta references normalizing interest rates in Canada, which typically creates refinancing opportunities and increased mortgage activity. This could benefit Pineapple's core business as homeowners seek to capitalize on improved rates.

The company's technology investments in PineappleONE and expansion into insurance verticals demonstrate diversification efforts that could enhance revenue streams beyond their core mortgage brokerage business. The emphasis on data-driven tools positions them to potentially capitalize on Canada's upcoming mortgage renewal cycle.

While the relisting represents corporate progress, investors should recognize that reverse splits themselves don't create value—they're remedial actions to maintain listing compliance. The operational improvements and strategic initiatives will ultimately determine whether this milestone translates to sustainable shareholder returns.

Milestone marks renewed growth strategy, increased accessibility for investors, and operational momentum

Toronto, Ontario--(Newsfile Corp. - July 17, 2025) - Pineapple Financial Inc. (NYSE American: PAPL), a leading Canadian mortgage technology and brokerage company, today announced that it has successfully completed a 1-for-20 reverse stock split and has been approved for relisting on the NYSE American. Trading under the ticker symbol PAPL will resume on July 22, 2025.

This marks a significant milestone in Pineapple's continued growth strategy and reflects the company's return to full exchange compliance, supported by ongoing operational strength and a positive market outlook for the Canadian mortgage sector.

"We've always believed in building a business with long-term purpose and value," said Shubha Dasgupta, CEO of Pineapple Financial. "This milestone is more than a re-listing, it's a reflection of the work we've done to strengthen our business, reinforce our fundamentals, and position Pineapple for sustainable growth. We're grateful to our shareholders and partners for their continued belief in our vision."

The stock split was implemented to regain compliance with the NYSE American's minimum price requirement and broaden institutional appeal. The company has taken a deliberate and strategic approach to this moment, balancing operational efficiency, product innovation, and market opportunity across the Canadian housing and financial services landscape.

Since its IPO, Pineapple has introduced major advancements including PineappleONE, its proprietary mortgage tech platform; a national insurance vertical launch; and robust data-driven tools to support Canada's wave of mortgage renewals and refinancing needs.

"This is a pivotal moment for Pineapple," added Shubha Dasgupta. "We've aligned our platform, people, and product strategy to the market's most pressing needs. As interest rates normalize and Canadians seek greater value and guidance in the housing market, Pineapple is prepared to lead with innovation and integrity."

Operational and Financial Update
Pineapple recently reported improved fiscal Q3 results, reflecting significant progress across its core business. Year-over-year volume grew by 13.3% and gross billings increased by 13.9%. The company also reduced staff-related expenses by 32.3%, implemented key operational efficiencies, and continued advancing PineappleONE, its end-to-end mortgage platform. These improvements have positioned the company to pursue sustained profitability while delivering increased value to shareholders.

About Pineapple

Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

Follow us on social media:

Instagram: @pineapplemortgage @empoweredbypineapple

Facebook: Pineapple Mortgage

LinkedIn: Pineapple Mortgage

Safe Harbor Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

Media Contact:

For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.

Email: shubha@gopineapple.com

Related Links:

https://gopineapple.com

http://empoweredbypineapple.com

Investor Relations Contact:

For investor relations inquiries, please contact Pineapple Financial Inc.

ir@gopineapple.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259098

FAQ

When will Pineapple Financial (PAPLD) resume trading on NYSE American?

Pineapple Financial will resume trading on the NYSE American on July 22, 2025 under the ticker symbol PAPL.

What is the ratio of Pineapple Financial's reverse stock split?

Pineapple Financial implemented a 1-for-20 reverse stock split to regain compliance with NYSE American's minimum price requirement.

How did Pineapple Financial perform in Q3 2025?

Pineapple Financial reported 13.3% year-over-year volume growth and a 13.9% increase in gross billings, while reducing staff-related expenses by 32.3%.

What new products has Pineapple Financial launched recently?

Pineapple Financial has launched PineappleONE, its proprietary mortgage tech platform, and a national insurance vertical.

How has Pineapple Financial improved its operational efficiency?

The company has reduced staff-related expenses by 32.3%, implemented operational efficiencies, and advanced its PineappleONE platform to pursue sustained profitability.