Pinnacle Food Group Limited Receives Nasdaq Notice Regarding Late Form 20-F Filing

Rhea-AI Summary

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.

Positive

• None.

Negative

• Failed to file Annual Report Form 20-F for 2024 on time
• Risk of potential delisting if compliance plan is not accepted or executed within the given timeframe
• Non-compliance with Nasdaq listing rules

Vancouver, BC, May 19, 2025 (GLOBE NEWSWIRE) -- Pinnacle Food Group Limited (Nasdaq: PFAI) (“Pinnacle” or “the Company”), a seller of smart hydroponic growing systems and technical support services to individual households, community groups, and urban farms, today said that on May 16, 2025, the Company received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company had not yet filed its Annual Report on Form 20-F for the year ended December 31, 2024 (the “Form 20-F”), the Company is not in compliance with Nasdaq’s listing rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission (the “SEC”).

The Nasdaq notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market. According to the notice, the Company has 60 calendar days, or until July 15, 2025, to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may grant the Company up to 180 calendar days from the Form 20-F’s original due date, or until November 11, 2025, to regain compliance. The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules and file the Form 20-F as soon as practicable.

About Pinnacle Food Group Limited
Based in Vancouver, Canada, Pinnacle Food Group Limited sells smart hydroponic growing systems and technical support services to individual households, community groups, and urban farms. We offer both tailored hardware solutions and data-driven support, allowing our users to optimize their smart farming productivity. For more information, please visit the Company’s website at https:// www.pinnaclefoodinc.com.

FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement for the offering filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and 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.

Pinnacle Food Group Limited Investor Contact:                                                                           
Wencai Pan                                                                                                                                                             
Chief Financial Officer                                                                                                                                           
Office: +1 604 727 7204                                                                                                                                
Email: ir@pinnaclefoodinc.com

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What is the deadline for PFAI to submit its compliance plan to Nasdaq?

Pinnacle Food Group has until July 15, 2025 (60 calendar days) to submit its compliance plan to Nasdaq.

Will PFAI stock be delisted from Nasdaq immediately due to the late filing notice?

No, the Nasdaq notice has no immediate effect on the listing or trading of PFAI stock on The Nasdaq Capital Market.

What is the maximum extension period PFAI could receive to regain compliance?

If Nasdaq accepts PFAI's compliance plan, the company may receive up to 180 calendar days from the original due date, until November 11, 2025, to regain compliance.

Why did Pinnacle Food Group (PFAI) receive a notice from Nasdaq?

PFAI received the notice because it failed to file its Annual Report on Form 20-F for the year ended December 31, 2024, violating Nasdaq's listing rule 5250(c)(1).