PHOENIX, AZ – SinglePoint Inc., a nonstore retailer, is confronting a possible delisting from the Cboe BZX Exchange, Inc. after receiving a Deficiency Notification on Monday, July 23, 2024, for not meeting the exchange's minimum listing requirements. The notice was disclosed in a recent 8-K filing with the Securities and Exchange Commission.
According to the notice, SinglePoint does not satisfy Cboe BZX Listing Rule 14.9(e)(2), which demands that a company's primary equity security listed on the exchange must have either stockholders’ equity of at least $2.5 million, a market value of listed securities of at least $35 million, or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.
In an attempt to address these deficiencies, SinglePoint has filed its Form 10-K on July 19, 2024, and is actively working to complete and file its Form 10-Q promptly. The company has requested a hearing with the exchange's Hearings Panel to discuss the deficiencies and is scheduled for August 8, 2024. At this hearing, SinglePoint plans to seek an extension to demonstrate compliance with the exchange's listing standards.
The information is based on the press release statement.
InvestingPro Insights
As SinglePoint Inc. navigates its regulatory challenges, a closer look at the company's financial health through InvestingPro data reveals a challenging landscape. With a market capitalization of just $3.3 million, the company's scale is diminutive in comparison to the exchange's requirements. The financials from the last twelve months as of Q4 2023 show a revenue growth of 20.81%, which may be a positive sign, but this is overshadowed by a significant quarterly revenue decline of 39.24%. Moreover, the company's operating margin is deeply negative at -59.23%, indicating substantial operational losses.
InvestingPro Tips suggest that SinglePoint operates with a significant debt burden and may struggle to meet its interest payments, which is a critical consideration for investors. The company's stock price has experienced high volatility and has been moving inversely to the market trend, which could be a concern for those looking for stable investments. Furthermore, the stock is trading at a low revenue valuation multiple, which could indicate that the market has concerns about the company's future revenue potential.
For investors seeking a deeper analysis of SinglePoint's financials and future outlook, there are additional InvestingPro Tips available that provide insights into the company's cash flow, profitability, and stock performance trends. To explore these further, investors can visit https://www.investing.com/pro/SING and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. There are 17 additional InvestingPro Tips available that could guide investment decisions regarding SinglePoint Inc.
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