NuZee Gets Extension from Nasdaq

Coffee supplier NuZee has been granted an extension in its efforts to regain compliance with Nasdaq and its Listing Rule 5550(b). The deadline has been extended to June 14.

On January 23, NuZee received notice from The Nasdaq Stock Market advising the company that it is not in compliance with the minimum stockholders' equity requirement for continued listing on The Nasdaq Capital Market. Nasdaq’s listing rule requires companies listed on The Nasdaq Capital Market to maintain stockholders' equity of at least $2.5 million.

Pursuant to the notice, Nasdaq gave NuZee 45 calendar days to submit to Nasdaq a plan to regain compliance. 

On April 9, the company received a letter from Nasdaq that said based on NuZee’s plan submission that Nasdaq determined to grant the company an extension of time to regain compliance.

The company is now required to furnish to the SEC and Nasdaq a publicly available report that among other things, includes a description of the completed transaction or event that enabled the company to satisfy the stockholders' equity requirement for continued listing. 

After filing the report, if the company fails to evidence compliance upon filing its periodic report for June 30, NuZee may be subject to delisting.