Fusion Fuel Green Receives Notice from Nasdaq Regarding Company's Shareholders' Equity
DUBLIN, Ireland, May 15, 2024 (GLOBE NEWSWIRE) -- Fusion Fuel Green PLC (NASDAQ:HTOO) ("Fusion Fuel" or the "Company"), an emerging leader in the green hydrogen sector, today announced that on May 8, 2024, the Company received a deficiency notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, since the Company's Form 20-F for the fiscal year ended December 31, 2023 reported shareholders' equity of $3,022,125, the Company no longer complied with Nasdaq listing rules (the "Rules") requiring companies listed on the Nasdaq Global Market to maintain a minimum of $10,000,000 in shareholders' equity.
Under the Rules, the Company has 45 calendar days from the date of the Notice to submit a plan (the "Plan") to regain compliance. If the Plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the Notice to evidence compliance. The Notice further stated that, alternatively, the Company may apply to transfer the Company's securities from The Nasdaq Global Market to The Nasdaq Capital Market. The Company intends to submit a Plan within the time allowed by the Rules and/or apply to transfer its securities to The Nasdaq Capital Market. However, there can be no assurance that Nasdaq will accept the Plan or that the Company will be able to regain compliance with the Rules, or that Nasdaq would approve the Company's application to list on The Nasdaq Capital Market.
The Notice has no immediate effect on the listing of the Class A Ordinary Shares, which will continue to trade on the Nasdaq Global Market under the symbol "HTOO" without interruption at this time.
About Fusion Fuel Green plc
Fusion Fuel is an emerging leader in the green hydrogen sector committed to accelerating the energy transition through the development of disruptive, clean hydrogen solutions. Fusion Fuel's patented miniaturized Proton Exchange Membrane (PEM) electrolyzer – the HEVO – and building-block approach to green hydrogen production, unlock unprecedented modularity, flexibility, and reliability in the design and deployment of small-to-midscale green hydrogen solutions. Its business lines include the sale of its electrolyzer systems, the development and sale of turnkey hydrogen plants, and the provision of end-to-end project engineering and advisory services. Learn more about Fusion Fuel by visiting our website at https://www.fusion-fuel.eu, and by following us on LinkedIn.
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