In recent developments, SinglePoint Inc., a nonstore retailer based in Phoenix, Arizona, has entered into an Exchange Agreement with Bucktown Capital, LLC, effectively resolving an outstanding debt by issuing shares.
This agreement, dated June 18, 2024, allowed SinglePoint to partition and exchange a promissory note dated July 13, 2021, for 1,077,851 shares of its common stock, thereby settling the original note's balance.
Still, SinglePoint is concurrently facing challenges with its listing on the Cboe BZX Exchange. On March 5, 2024, the company was notified of non-compliance with the minimum bid price requirement.
Subsequent notices on April 17 and June 4 highlighted further non-compliance due to delays in filing annual and quarterly financial statements. SinglePoint's market value and net income from continuing operations also reportedly fall short of the exchange's standards.
The culmination of these issues led to a Delisting Notice on June 18, 2024, with the Cboe BZX Exchange planning to suspend trading of SinglePoint's common stock on June 27, 2024. SinglePoint has requested a hearing to seek an extension for compliance, but there is no guarantee that this will result in a continued listing. This information is based on a press release statement.
These events reflect SinglePoint's efforts to manage its financial obligations while addressing the requirements for maintaining its stock exchange listing. The outcome of the hearing and the company's ability to meet the exchange's standards will be critical for its future trading status.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.