Green Giant Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On March 28, 2024, Green Giant Inc. (the “Company”) received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) Listing Qualifications Staff (the “Staff”) notifying the Company of an additional deficiency notice of delisting under Nasdaq Listing Rule 5101. Nasdaq based its determination upon concerns raised by the Company’s issuance of future priced securities resulting in substantial dilution for its stockholders, and the Company’s violation of Nasdaq Listing Rule 5635(d), which requires shareholder approval prior to a 20% issuance at a price that is less than the minimum price, pursuant to a securities purchase agreement dated December 12, 2023.
The notice has no immediate impact on the Company’s listing and trading, as Nasdaq has granted the Company a hearing before the Nasdaq Hearings Panel (the “Panel”) which was held on April 4, 2024 (the “Hearing”) and any further action will be stayed pending the completion of the hearing process. There can be no assurance that the Panel will grant the Company’s request to demonstrate compliance of continued listing requirement or that the Company will be able meet the continued listing requirement during any compliance period or in the future. If the Panel does not grant the Company’s request to demonstrate compliance, its ordinary shares will be subject to delisting and the liquidity and marketability of the Company’s ordinary shares would be adversely affected.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a delisting notification.
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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.
| Dated: April 5, 2024 | Green Giant Inc. | ||
| By: | /s/ Yuhuai Luo | ||
| Name: | Yuhuai Luo | ||
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