お知らせ • May 27
Vestand Inc Announces Receipt of Nasdaq Staff Determination Regarding Continued Listing Requirements
As previously disclosed in the Current Reports on Form 8-K filed by Vestand Inc. (the Company) on December 2, 2025, and April 29, 2026, the Company received notices from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq), stating that because the Company had not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the September 2025 Quarterly Report) and its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the 2025 Form 10-K), respectively, the Company was no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the Listing Rule). Based on materials submitted to Nasdaq by the Company on January 23, 2026, and May 4, 2026, Nasdaq granted the Company an exception until May 18, 2026, to regain compliance with the Listing Rule. On May 19, 2026, the Company received a Staff Delisting Determination letter (the Staff Determination) from Nasdaq notifying it that Nasdaq has initiated a process which could result in the delisting of the Company's securities from Nasdaq. The Staff Determination was issued as a result of the Company not being in compliance with the Listing Rule, as it has not filed its September 2025 Quarterly Report, its 2025 Form 10-K, and its Quarterly Report on Form 10-Q for the period ended March 31, 2026 (the March 2026 Quarterly Report, and together with the September 2025 Quarterly Report and 2025 Form 10-K, the Delinquent Reports). The Staff Determination has no immediate effect and will not immediately result in the suspension of trading or delisting of the Company's securities. On May 22, 2026, the Company submitted a request for a hearing before the Nasdaq Hearings Panel (the Hearings Panel) to appeal the Staff Determination (the Hearing Request). The Hearing Request will automatically stay the suspension of the Company's securities for a period of 15 days from the date of the request. However, in connection with the Hearing Request, the Company also requested that the Staff Determination be further stayed pending the hearing process. According to the Staff Determination, hearings are typically scheduled to occur approximately 30 to 45 days after the date of a company's hearing request. Following the hearing, the Hearings Panel will issue a decision, which the Company may further appeal to the Nasdaq Listing and Hearing Review Council for review. The Company is working diligently to prepare and file the Delinquent Reports as soon as possible to regain compliance with the Listing Rule. However, there can be no assurance that such reports will be filed before any hearing occurs, that the Hearings Panel will grant the Company's request for a stay pending the hearing process, or that the Company's request for an extension of time to file the Delinquent Reports at the hearing will be granted. If the Company's requests for a stay and extension are not granted, the Company's shares of Class A Common Stock will be delisted from the Nasdaq stock exchange. The Company anticipates that, if the shares of Class A Common Stock are delisted from the Nasdaq stock exchange, they may become eligible for trading on the over-the-counter (OTC) market system, but that cannot be assured.