Valens Company Inc. VLNS VLNS, receive an extension of 180 calendar days of the Nasdaq Stock Exchange LLC regain conformity with the minimum bid price requirement of $1.00 set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market after the expiry of the first 180 calendar day period to regain compliance on December 12, 2022.

The Nasdaq determination is based on the Company’s compliance with the continued listing requirement for the market value of publicly held shares and all other applicable requirements for the initial listing on the Nasdaq capital market other than the bid price requirement and the Company’s written letter of intent to address the deficiency during the second fulfillment period to be eliminated by a reverse stock split, if necessary.

As a result of the extension, the Company now has until June 12, 2023 to regain compliance with the bid price requirement. If at any time prior to June 12, 2023 the offer price of the Company’s common shares closes at or above $1.00 per share for at least 10 consecutive business days, Nasdaq will notify the Company in writing that it has met the offer price requirement. If the company elects to undertake a stock consolidation in order to regain compliance, it must complete the consolidation no later than ten business days prior to the end of the additional 180 calendar day period in order to regain compliance in a timely manner.

If the Company does not regain compliance with the bid price requirement by June 12, 2023, Nasdaq will notify the Company in writing that its shares will be delisted. At that time, the Company may appeal the delisting decision to a Nasdaq hearing panel. The company would remain public pending the panel’s decision. There can be no assurance that if the Company appeals any subsequent delisting decision that such appeal would be successful.

The company continues to anticipate that…