Safety Shot, Inc., a Delaware-incorporated company specializing in perfumes, cosmetics, and other toilet preparations, has received a notice from The Nasdaq Stock Exchange indicating non-compliance with the minimum bid price requirement.
The company's common stock, traded under the ticker SHOT on The Nasdaq Capital Market and currently valued at $37.42 million, has been closing below the $1.00 per share threshold for 30 consecutive days as of January 2, 2025. According to InvestingPro data, the stock has declined by approximately 76% over the past year, with shares currently trading at $0.60. This development puts Safety Shot at risk of being delisted from the exchange.
The notice from Nasdaq does not immediately affect the listing or trading of Safety Shot's common stock. While InvestingPro analysis suggests the stock is currently undervalued, with 16 additional key insights available to subscribers, the company has until July 1, 2025, to regain compliance with the minimum bid price rule. Compliance can be achieved if the stock's closing bid price reaches or exceeds $1.00 per share for at least ten consecutive business days within the 180-day period.
Should Safety Shot fail to meet the requirement in the initial compliance period, it may be eligible for an additional 180 days to regain compliance, provided it meets all other Nasdaq initial listing standards, except for the minimum bid price. Safety Shot would need to inform Nasdaq of its plans to rectify the deficiency during this second period. If Nasdaq believes the company will not address the issue or if it is ineligible for an extension, it will proceed with delisting actions. However, Safety Shot would have the right to appeal any delisting decision.
The company is considering all available options to address the minimum bid price deficiency, including a potential reverse stock split, although there is no guarantee that it will achieve compliance. Despite these challenges, InvestingPro data shows the company maintains more cash than debt on its balance sheet, and analysts forecast significant revenue growth of 189% for the current year.
Safety Shot, formerly known as Jupiter Wellness, Inc. and CBD Brands, Inc., is headquartered in Jupiter, Florida. The company's warrants, exercisable for one share of common stock at $8.50 per share, are also listed on The Nasdaq Capital Market under the symbol SHOTW. InvestingPro analysis indicates the company's overall financial health score is currently weak, with a concerning cash burn rate that investors should monitor closely.
This report is based on a press release statement and reflects the latest regulatory developments affecting Safety Shot, Inc. as per the SEC filing.
In other recent news, Sure Shot, previously known as Safety Shot Inc., has made notable strides in expanding its market presence. The wellness and dietary supplement company has launched its 4 oz. Sure Shot beverage, which is aimed at reducing blood alcohol content and enhancing mental clarity, in over 300 locations of a leading Midwestern grocery chain. The product, backed by a U.S. patent and positive clinical study results, is now also available in over 450 stores across metro Chicago and southern Wisconsin due to a new partnership with Huckster, Inc.
The company has further extended its retail presence by launching Sure Shot in several Chicagoland grocery stores, including Pete's Fresh Market, Caputo's, Tony's Fresh Market, Festival Foods, and Sunset Foods. Alongside these partnerships, Sure Shot has entered strategic agreements, including a Securities Purchase Agreement securing $500,000 in gross proceeds, and a consulting agreement with Core 4 Capital Corp. The company has received substantial financial backing from President Jordan Schur through Core 4 Capital Corp., with a total investment of $9.4 million this year.
These developments are part of Sure Shot's broader strategy to reach health-conscious consumers and respond to the demand for products that promote responsible drinking and social wellness. The company anticipates that the expansion of Sure Shot's availability will contribute to its continued growth. Sure Shot's recent initiatives reflect its commitment to innovation in the functional beverage space.
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