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Warrantee Inc. (NASDAQ:WRNT) (the "Company" or "Warrantee"), a Japanese marketing and market research technology company, today announced that it received a staff determination letter (the "Letter"), on October 27, 2023, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company of the determination from the Nasdaq staff (the "Staff") to delist the Company's securities from The Nasdaq Stock Market because it had not filed its Form 20-F for the period ended March 31, 2023 and is not in compliance with Nasdaq's filing requirements for continued inclusion set forth in Nasdaq Listing Rule 5250(c)(1). Nasdaq explained in the Letter that the Company's noncompliance with the first required periodic report after listing raised questions regarding the Company's ability and readiness to be a Nasdaq listed company. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
Pursuant to the Letter, unless the Company requests an appeal of the Staff's determination, trading of the Company's American Depositary Shares will be suspended at the opening of business on November 7, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on The Nasdaq Stock Market.
The Letter stated that the Company may appeal Staff's determination to a Hearings Panel pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. A request for a hearing will stay the suspension of the Company's securities for a period of 15 days from the date of the request. The Letter also stated that when the Company requests a hearing, it may also request a stay of the suspension pending the hearing. The Company intends to request a hearing to appeal the Staff's delisting determination and an extended stay by 4:00 p.m. (Eastern Time) on November 3, 2023.
Posted In: WRNT
