Warrantee Inc. Announces Receipt of Nasdaq Delisting Determination and Plan to Appeal
Tokyo, Japan, April 19, 2024 (GLOBE NEWSWIRE) -- Warrantee Inc. (NASDAQ:WRNT) (the "Company" or "Warrantee"), a Japanese marketing and market research technology company, today announced that the Company received a staff determination letter (the "Letter"), on April 15, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, due to the Company's failure to regain compliance with a minimum bid price of $1.00 per share requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Requirement"), the Staff has determined (the "Determination") that Company's securities will be scheduled for delisting from Nasdaq unless the Company requests an appeal of this determination to a Hearings Panel (the "Panel").
On October 13, 2023, the Company received a letter from Nasdaq (the "Notice"), notifying the Company that based upon the closing bid price of its securities for the last 30 consecutive business days preceding the Notice, the Company was not in compliance with the Minimum Bid Requirement. In accordance with Listing Rule 5810(c)(3)(A), the Notice provided the Company a period of 180 calendar days from the date of the Notice, or until April 10, 2024, to regain compliance with the Minimum Bid Requirement.
According to the Letter, the Company had not regained compliance with the Minimum Bid Requirement as of April 10, 2024 and is not eligible for a second 180-day period. Specifically, the Company does not comply with the initial listing requirement of $5,000,000 minimum stockholders' equity for The Nasdaq Capital Market, as contemplated for a second 180-day period. Further, on April 4, 2024, Nasdaq notified the Company that since the Company failed to file its Form 6-K containing an interim balance sheet and income statement for the six-month period ended September 30, 2023, it no longer complies with our Listing Rule 5250(c)(2). This matter serves as an additional and separate basis for delisting. Unless the Company requests an appeal of the Determination by April 22, 2024, the Company's securities will be suspended at the opening of business on April 24, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq.
The Company plans to appeal the Determination to the Panel in due course. A hearing request will stay the suspension of the Company's securities and the filing of Form 25-NSE pending the Panel's decision. The Company is considering all options available to it, including a reverse stock split, and will provide its shareholders with material updates when they are available.
About Warrantee Inc.
Founded in Japan in 2013, Warrantee is a Japanese marketing and market research technology company that helps corporate sponsors unlock value through targeted marketing campaigns while providing its corporate sponsors' potential customers who participate in its campaigns with extended warranty coverage on durables or certain healthcare benefits sponsored by its corporate sponsors. Warrantee focuses on developing a suite of specialized marketing and market research services and these services are designed to collect and leverage targeted and specialty data of its corporate sponsors' potential customers to provide proprietary market insights to its corporate sponsors and promote the sales of their products. At the core of Warrantee's current business of providing marketing campaign services is its trinity model, which connects three stakeholders: corporate sponsors, campaign participants, whom Warrantee also refers to as users, and Warrantee, and is designed to benefit all three stakeholders. For more information, please visit the Company's website: https://warrantee.com/ir/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "should," "believe," "expect," "could," "intend," "plan," "anticipate," "estimate," "continue," "predict," "project," "potential," "target," "goal," or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
For investor and media inquiries, please contact:
Warrantee Inc.
Investor Relations Department
Email: [email protected]
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]
