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Pinnacle Food Group Limited (NASDAQ: PFAI), a provider of smart hydroponic growing systems, has received a notice from Nasdaq on May 16, 2025, regarding its failure to file the Annual Report on Form 20-F for the year ended December 31, 2024. The company is now non-compliant with Nasdaq's listing rule 5250(c)(1), which requires timely filing of periodic financial reports with the SEC.
While this notice does not immediately affect PFAI's listing status, the company has until July 15, 2025 to submit a compliance plan to Nasdaq. If accepted, Nasdaq may extend the compliance deadline to November 11, 2025. Pinnacle has stated its intention to take necessary steps to file the Form 20-F and regain compliance as soon as possible.
Pinnacle Food Group (Nasdaq: PFAI), a provider of smart hydroponic growing systems and technical support services, has successfully completed its Initial Public Offering (IPO). The company sold 1,800,000 Class A common shares at $4.00 per share, raising gross proceeds of $7.2 million.
Trading commenced on the Nasdaq Capital Market on April 22, 2024, under the ticker 'PFAI'. The underwriters have a 45-day option to purchase an additional 270,000 shares. The net proceeds will be used for expanding hydroponic system functionality, business development, and working capital. Craft Capital Management served as the representative underwriter for this firm commitment offering.
Pinnacle Food Group (PFAI), a provider of smart hydroponic growing systems and technical support services, has announced the pricing of its initial public offering (IPO) of 1,800,000 Class A common shares at $4.00 per share.
The company expects to raise gross proceeds of $7.2 million from the offering and has granted underwriters a 45-day option to purchase up to 270,000 additional shares. The Class A common shares will trade on the Nasdaq Capital Market under the symbol 'PFAI' starting April 22, 2025, with the offering expected to close on April 23, 2025.
The net proceeds will be used for expanding hydroponic growing systems functionality, business development, and working capital. Craft Capital Management serves as the representative underwriter for this offering.
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