Noodles & Company Has 180 Days to Boost Share Price or Face Nasdaq Removal

Rhea-AI Filing Summary

Noodles & Company (NDLS) has received a notification from Nasdaq on June 24, 2025, indicating non-compliance with the exchange's minimum bid price requirement. The company's stock has traded below the required $1.00 per share threshold for 30 consecutive business days.

Key compliance details:

• Company has 180 calendar days (until December 22, 2025) to regain compliance
• Must maintain $1.00+ closing bid price for minimum of 10 consecutive business days
• May be eligible for additional 180-day compliance period if transferred to Nasdaq Capital Market
• Company considering all options including potential reverse stock split

While the notice has no immediate effect on NDLS's listing status, failure to regain compliance could result in delisting from Nasdaq Global Select Market. Management is actively monitoring the situation but cannot guarantee successful resolution of the compliance issue.

Positive

• Company has 180 days until December 22, 2025 to regain Nasdaq compliance, with possibility of additional 180-day extension
• Company maintains eligibility for potential transfer to Nasdaq Capital Market if needed, providing additional options for maintaining listing

Negative

• Stock price has fallen below Nasdaq's minimum $1.00 bid requirement for 30 consecutive business days, triggering non-compliance notice
• Company may need to implement reverse stock split to maintain listing, which could signal fundamental valuation concerns
• Risk of potential delisting from Nasdaq Global Select Market if compliance cannot be regained within allowed timeframes

0001275158false00012751582025-06-242025-06-24

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): June 24, 2025

NOODLES & COMPANY

(Exact name of registrant as specified in its charter)

Delaware

001-35987

84-1303469

(State or Other Jurisdiction of

(Commission File Number)

(I.R.S. Employer

Incorporation)

Identification No.)

520 Zang Street, Suite D

Broomfield,

CO

80021

(Address of principal executive offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (720) 214-1900

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
Class A common stock			NDLS			Nasdaq Global Select Market

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. ☐

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

On June 24, 2025, Noodles & Company (the “Company”) received a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Nasdaq’s Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”) for continued listing on The Nasdaq Global Select Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities maintain a minimum closing bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum closing bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common stock for the 30 consecutive business days prior to the date of the Notice, the Company does not currently meet the Minimum Bid Price Requirement. The Notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Global Select Market.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until December 22, 2025, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days during this 180-calendar day grace period (the “Compliance Period”), unless Nasdaq exercises its discretion to extend this ten-day period. If the Company has not been deemed in compliance prior to the expiration of the Compliance Period, the Company may be eligible for an additional 180-day compliance period if it applies to transfer the listing of its common stock to The Nasdaq Capital Market (the “Second Compliance Period”). To qualify, the Company must meet the continued listing requirement for the applicable market value of publicly held shares requirement and all other applicable initial listing standards for The Nasdaq Capital Market (with the exception of the minimum bid price requirement) based on the Company’s most recent public filings and market information and provide written notice of its intention to cure the minimum bid price deficiency. However, if it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is otherwise not eligible for the Second Compliance Period, Nasdaq would notify the Company that its common stock would be subject to delisting. The Company may appeal any such determination to delist its securities, but there can be no assurance that any such appeal would be successful.

The Company intends to monitor closely the closing bid price of its common stock and to consider all of the options for regaining compliance with Nasdaq’s Listing Rule 5450(a)(1), including by proposing a reverse stock split for stockholder approval, if necessary. While the Company plans to review all available options, there can be no assurance that it will be able to regain compliance with Nasdaq Listing Rule 5450(a)(1) during the 180-calendar day compliance period or any subsequent extension period.

SIGNATURE

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.

						Noodles & Company
DATE: June 25, 2025			By:			/s/ Mike Hynes
			Name:			Mike Hynes
			Title:			Chief Financial Officer

FAQ

Why did NDLS receive a Nasdaq delisting notice in June 2025?

NDLS received a delisting notice on June 24, 2025, because it failed to comply with Nasdaq's Listing Rule 5450(a)(1), which requires maintaining a minimum closing bid price of $1.00 per share. The company's stock price remained below this threshold for 30 consecutive business days.

When must NDLS regain compliance with Nasdaq's minimum bid price requirement?

NDLS has until December 22, 2025 (180 calendar days from the notice) to regain compliance. To comply, the company's closing bid price must be at least $1.00 per share for a minimum of ten consecutive business days during this period.

What options does NDLS have to maintain its Nasdaq listing?

NDLS has several options: 1) Regain compliance within the initial 180-day period, 2) Apply for an additional 180-day compliance period by transferring to the Nasdaq Capital Market, or 3) Propose a reverse stock split for stockholder approval. The company stated it will review all available options to regain compliance.

Will NDLS stock be immediately delisted from Nasdaq?

No, the delisting notice has no immediate effect on NDLS's listing or trading on The Nasdaq Global Select Market. The company has until December 22, 2025, to regain compliance, and may be eligible for an additional 180-day compliance period if it meets certain criteria.

What happens if NDLS fails to meet Nasdaq's minimum bid requirement by December 2025?

If NDLS doesn't comply by December 22, 2025, it may qualify for a Second Compliance Period of 180 days by transferring to the Nasdaq Capital Market. If ineligible for extension or unable to cure the deficiency, NDLS would receive a delisting notice, though it could appeal this determination.