AQMS Restores Listing After 1-for-10 Split; Monitored Through 2026

Rhea-AI Filing Summary

Aqua Metals, Inc. (AQMS) reported that after a 1-for-10 reverse stock split effected on August 4, 2025 and an appeal hearing on August 19, 2025, Nasdaq confirmed the company has regained compliance with the minimum bid price requirement of $1.00 under Listing Rule 5550(a)(2). Nasdaq's letter dated September 4, 2025 restores the listing status that had been at risk following a prior notice of noncompliance.

The company will be placed under a mandatory panel monitor for one year ending September 4, 2026. If Nasdaq staff later finds the company again out of compliance with the minimum bid during that period, the company would not be eligible for a grace period and could face delisting unless it appeals to the Nasdaq Hearing Panel.

Positive

• Regained compliance with Nasdaq's $1.00 minimum bid requirement as of September 4, 2025
• Immediate delisting avoided following the company's 1-for-10 reverse stock split and appeal

Negative

• Subject to a mandatory one-year panel monitor through September 4, 2026
• If found noncompliant during monitoring, company is ineligible for a grace period and could face delisting

Insights

Listing Compliance Analyst

Regained compliance avoids immediate delisting but brings a one-year compliance test.

Nasdaq's confirmation on September 4, 2025 means the company cleared the immediate regulatory threat created by the prior minimum bid deficiency.

The imposed one-year monitoring period through September 4, 2026 increases near-term listing risk because another minimum-bid deficiency during this window would forfeit any grace period and could trigger a delisting determination unless appealed.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): September 4, 2025

AQUA METALS, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware		001-37515		47-1169572
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)
5370 Kietzke Lane, Suite 201 Reno, Nevada 89511
(Address of principal executive offices)

(775) 525-1936

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b)of the Act:

Title of each class Common stock: Par value $.001 Trading Symbol(s) AQMS Name of each exchange on which registered Nasdaq Capital Market

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As previously disclosed, On July 2, 2025, Aqua Metals, Inc. (the “Company”) received a letter (the “Letter”) from the Nasdaq Stock Market, LLC (the “Nasdaq”) notifying the Company that it had fallen below compliance with respect to the continued listing standard set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules because the closing bid price of the Company’s common stock over the previous 30 consecutive trading-day period had fallen below $1.00 per share. The Letter stated that due to the fact that the Company has effected a reverse stock split over the prior one-year period, the Company was not eligible for any grace period under the Nasdaq Listing Rules in order to regain compliance with the minimum bid requirement and, consequently, the Company’s securities would be delisted from the Nasdaq Capital Market unless the Company requests an appeal with the Nasdaq Hearing Panel.

Following the Company’s one-for-ten reverse stock split effected on August 4, 2025 and the hearing of the Company’s appeal to the Nasdaq Hearing Panel on August 19, 2025, the Company received a letter from the Nasdaq dated September 4, 2025 confirming the Company had regained compliance with minimum bid requirement in Listing Rule 5550(a)(2). The Company will be subject to a mandatory panel monitor for a period of one year ending September 4, 2026. If, within that one-year monitoring period, the Nasdaq staff finds the Company again out of compliance with the minimum bid requirement, the Company will not be eligible for any compliance grace period under the Nasdaq Listing Rules in order to regain compliance with Listing Rule 5550(a)(2), and, consequently, the Company would be subject to a delist determination from the Nasdaq Capital Market unless the Company requests an appeal with the Nasdaq Hearing Panel.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	AQUA METALS, INC.
Dated: September 8, 2025	/s/ Stephen Cotton
	Stephen Cotton,
	President and Chief Executive Officer

FAQ

What did Aqua Metals (AQMS) file with Nasdaq?

Aqua Metals reported that Nasdaq confirmed the company regained compliance with the $1.00 minimum bid requirement after a 1-for-10 reverse stock split and appeal.

When did AQMS regain compliance with Nasdaq's minimum bid rule?

Nasdaq confirmed compliance on September 4, 2025 following the company's reverse split and appeal hearing.

How long is the Nasdaq monitoring period for AQMS?

The company is subject to a mandatory one-year panel monitor ending on September 4, 2026.

What happens if AQMS falls below the minimum bid again during monitoring?

If Nasdaq staff finds AQMS out of compliance during the monitoring period, the company will not be eligible for a grace period and could face delisting unless it appeals.

What corporate action did AQMS take to regain compliance?

AQMS effected a 1-for-10 reverse stock split on August 4, 2025, which was part of the steps leading to regained compliance.