Lucy Scientific Discovery (NASDAQ:WBD), Inc., a pharmaceutical preparations company, is set to be delisted from The Nasdaq Capital Market. The action comes after the company failed to meet the Minimum Stockholders’ Equity Requirement and was delinquent in filing its quarterly report.
The company, based in Victoria, British Columbia, received a notification from Nasdaq on June 27, 2024, informing them of the impending delisting. This follows a previous warning issued on May 7, 2024, regarding non-compliance with Nasdaq's stockholders' equity condition, which requires a minimum of $2.5 million in equity. Additionally, Lucy Scientific was cited for not submitting its quarterly report for the period ending March 31, 2024, on time.
Lucy Scientific appealed the decision and attended a hearing before an independent Nasdaq Hearings Panel on June 25, 2024. Despite their efforts, the Panel resolved to proceed with the delisting. Trading of Lucy Scientific's common shares, under the ticker LSDI, will be suspended starting today, July 1, 2024.
Following the delisting from Nasdaq, Lucy Scientific expects its shares to begin trading on the OTC Markets Group platform under the same ticker symbol. The company remains a reporting entity under the Securities Exchange Act of 1934, ensuring continued disclosure of financial and operational information.
The company has 15 days from the notice date to request a review of this decision by the Nasdaq Listing and Hearing Review Council. Lucy Scientific's CEO, Richard Nanula, signed off on the SEC filing, which was made public on July 1, 2024, confirming these details.
The transition to the OTC Markets Group platform is set to commence concurrently with the Nasdaq suspension. This information is based on a press release statement.
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