Bollinger Innovations (NASDAQ: MULN) faces Nasdaq listing risk

Rhea-AI Filing Summary

Bollinger Innovations, Inc. reported that Nasdaq has notified the company it did not regain compliance with the requirement that its Market Value of Listed Securities be at least $35.0 million for continued listing on the Nasdaq Capital Market. The 180-day compliance period ended on August 25, 2025, and the company received a follow-up notice on August 26, 2025.

The company intends to request a hearing before a Nasdaq Hearings Panel, which will temporarily prevent suspension or delisting while the appeal is considered. Bollinger believes that as of August 14, 2025, its stockholders’ equity exceeded $2.5 million, an alternative Nasdaq standard for continued listing. As of August 29, 2025, the company had 30,663,625 shares of common stock issued and outstanding.

Positive

• None.

Negative

• Nasdaq listing at risk: Company failed to regain the $35.0 million market value required by Nasdaq, triggering a deficiency notice and potential suspension/delisting pending a hearing.

Insights

Equity market structure analyst

Nasdaq deficiency escalates to a hearing, raising listing risk.

Bollinger Innovations failed to restore its Market Value of Listed Securities to the $35.0 million minimum during the 180-day compliance window that ended on August 25, 2025. Nasdaq has issued a notice that, absent a successful appeal, the company’s securities would be subject to suspension or delisting from the Nasdaq Capital Market.

The company plans to request a hearing before a Nasdaq Hearings Panel, which automatically stays any suspension or delisting while the appeal and any extension period are pending. Management also notes its belief that stockholders’ equity exceeded $2.5 million as of August 14, 2025, which is an alternative standard under Nasdaq Listing Rule 5550(b). Whether the Panel accepts this basis for continued listing is not stated.

As of August 29, 2025, the company had 30,663,625 common shares outstanding, which frames the equity base at risk if a delisting ultimately occurs. The eventual impact will depend on the Panel’s decision following the hearing and any subsequent company actions disclosed in future filings.

8-K Event Classification

2 items: 3.01, 8.01

2 items

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

The company received a delisting notice or transferred its listing to a different exchange.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

Why did Bollinger Innovations (MULN) receive a new Nasdaq notice?

Bollinger Innovations received a Nasdaq notice on August 26, 2025 because it did not regain compliance with the requirement that its Market Value of Listed Securities be at least $35.0 million during the 180-day compliance period ending August 25, 2025.

What Nasdaq rule is Bollinger Innovations (MULN) currently not meeting?

The company is not meeting Nasdaq Listing Rule 5550(b)(2), which requires a Market Value of Listed Securities of at least $35.0 million for continued listing on the Nasdaq Capital Market.

How is Bollinger Innovations (MULN) responding to the Nasdaq deficiency notice?

Bollinger Innovations intends to timely request a hearing before a Nasdaq Hearings Panel. This hearing request will automatically stay any suspension or delisting action while the hearing process and any granted extension period are pending.

Does Bollinger Innovations (MULN) meet any alternative Nasdaq listing standards?

The company states that it believes its stockholders’ equity exceeded $2.5 million as of August 14, 2025, which is an alternative standard for continued listing under Nasdaq Listing Rule 5550(b).

Will Bollinger Innovations (MULN) definitely be delisted from Nasdaq?

Delisting is not automatic at this stage. While Nasdaq has indicated the securities would be subject to suspension or delisting absent a successful appeal, Bollinger’s hearing request will keep its common stock listed on the Nasdaq Capital Market until the Panel reaches a decision and any extension period expires.

How many Bollinger Innovations (MULN) shares are currently outstanding?

As of August 29, 2025, Bollinger Innovations had 30,663,625 shares of common stock issued and outstanding.

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Accepted by SEC EDGAR 08/29/2025 - 05:19 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): August 26, 2025

BOLLINGER INNOVATIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-34887		86-3289406
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1405 Pioneer Street, Brea, California 92821

(Address, including zip code, of principal executive offices)

Registrant’s telephone number, including area code (714) 613-1900

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐  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 240.14a-12)

☐ 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))

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

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001		BINI		The Nasdaq Stock Market, LLC (Nasdaq Capital Market)
Rights to Purchase Series A-1 Junior Participating Preferred Stock		None		The Nasdaq Stock Market, LLC (Nasdaq Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

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

As previously disclosed, on February 25, 2025, Bollinger Innovations, Inc. (the “Company”) received a written notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the 30 consecutive business days prior to the date of the written notice, the Company’s Market Value of Listed Securities (“MVLS”) was less than the $35.0 million minimum required for continued listing on The Nasdaq Capital Market, as required by Nasdaq Listing Rule 5550(b)(2) (the “MVLS Listing Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until August 25, 2025 (the “Compliance Period”), to regain compliance with the MVLS Listing Rule.

On August 26, 2025, the Company received a written notice (the “Notice”) from the Staff stating that the Company has not regained compliance with the MVLS Listing Rule within the Compliance Period. Accordingly, and as described in the Notice, unless the Company timely requests a hearing before a Hearings Panel (the “Panel”), the Company’s securities would be subject to suspension/delisting. Accordingly, the Company intends to timely request a hearing before the Panel. The hearing request will automatically stay any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing.

As reported in the Company’s 10-Q/A for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on August 15, 2025, the Company believes that as of August 14, 2025, the Company’s stockholders' equity exceeded $2.5 million, which is an alternative standard to the MVLS Listing Rule under Nasdaq Listing Rule 5550(b).

Although there can be no assurance that the Panel will grant the Company’s request for continued listing on The Nasdaq Capital Market, the delisting proceedings will be stayed and the Company’s common stock will continue to be listed on The Nasdaq Capital Market pending resolution of the appeal.

Item 8.01 Other Events.

As of August 29, 2025, a total of 30,663,625 shares of the Company’s common stock were issued and outstanding.

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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.

	BOLLINGER INNOVATIONS, INC.
Date: August 29, 2025	By:	/s/ David Michery
		David Michery
		Chief Executive Officer

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