お知らせ • Jun 25
The Staff of The Cboe BZX Exchange Determines to Suspend the Trading of SinglePoint's Common Stock on June 27, 2024 and to Delist SinglePoint from Cboe BZX
As previously disclosed, on March 5, 2024, SinglePoint Inc. (the ‘Company’) received a notification letter from the Listing Qualifications Department (the ‘Staff’) of The Cboe BZX Exchange Inc. (‘Cboe BZX’) (the ‘Minimum Bid Price Requirement Notice’) notifying the Company that its Common Stock did not maintain a minimum bid price of $1.00 over 30 consecutive business days as required by Cboe BZX Listing Rule 14.9(e)(1)(B) (the ‘Minimum Bid Price Requirement’). On April 17, 2024, the Company received a separate notification letter from the Staff (the ‘First Timely Filing Requirement Notice’) notifying the Company that the Company had not timely filed its Form 10-K for the year ended December 31, 2023 (the ‘Form 10-K’) within the 15-day grace period (as set forth in the Form 12b-25 the Company filed with the SEC) as required by Cboe BZX Listing Rule 14.6(c)(1) (the ‘Timely Filing Requirement’). On May 15, 2024, the Company provided the Staff with an update on the timing of its Form 10-K. On June 4, 2024, the Company received another notification letter from the Staff (together with the Minimum Bid Price Requirement Notice and the First Timely Filing Requirement Notice, the ‘Cboe BZX Deficiency Notices’) notifying the Company that the Company had not timely filed its Form 10-Q for the quarter ended March 31, 2024 (the ‘Form 10-Q’) within the 5-day grace period (as set forth in the Form 12b-25 the Company filed with the SEC) as required by the Timely Filing Requirement. On June 14, 2024, the Company provided the Staff with a plan for regaining compliance with respect to the Minimum Bid Price Requirement and the Timely Filing Requirement. On June 18, 2024, the Company received a written notice (the ‘Delisting Notice’) indicating that the Company has not cured the deficiencies noted in the Cboe BZX Deficiency Notices and that the Staff had determined that the Common Stock also does not meet the continued listing standards of Cboe BZX Listing Rule 14.9(e)(2)(B) (the ‘MVLS Standard’) as the market value of its listed securities was below the minimum of $50 million and Cboe BZX Listing Rule 14.9(e)(2)(C) (the ‘Net Income Standard’) as the Company’s net income from continuing operations was below the minimum of $750,000 for two of the three most recently completed fiscal years. In addition, the Staff noted in the Delisting Notice that because the Company’s Form 10-K and Form 10-Q have not been filed, the Staff is unable to determine whether the Company’s Common Stock complies with Cboe BZX Listing Rule 14.9(e)(2)(A) (the ‘Equity Standard’ and together with the MVLS Standard and the Net Income Standard, the ‘Continued Listing Standards’) which requires a stockholders’ equity of at least $5 million and market value of publicly held shares of at least $15 million. Based on the aggregate of the deficiencies with respect to the Minimum Bid Price Requirement, the Timely Filing Requirement and the Continued Listing Standards, the Staff, pursuant to its authority under Cboe BZX Listing Rule 14.2, has determined to suspend the trading of the Common Stock on June 27, 2024 and then delist it from Cboe BZX. Under Cboe BZX Listing Rule 14.12(h), the Company may request a hearing before a Hearings Panel (the ‘Panel’) by submitting a written request to the chief regulatory officer of the Cboe BZX no later than 5:30 p.m. ET on June 25, 2024 and a hearing fee of $20,000 with 15 calendar days of the Delisting Notice. A timely request for review would stay the delisting of the Common Stock for a period of 15 calendar days from June 25, 2024, or until July 10, 2024, unless the Panel decides to stay the delisting for an additional period of time. Accordingly, the Company has already taken proactive measures and requested a hearing before the Panel, at which hearing the Company will request an extension within which to evidence compliance with Minimum Bid Price Requirement, the Timely Filing Requirement and the applicable Continued Listing Standard. The time and place of any hearing before the Panel will be determined by the Panel. The Company intends to take definitive steps in an effort to evidence compliance with the applicable continued listing requirements of the Cboe BZX. There can be no assurance that the Panel will grant the Company’s request for a stay of the delisting or continued listing.