공시 • Aug 22
Nasdaq Determines to Delist DevvStream Corp.'s Common Shares from the Nasdaq Capital Market
As previously disclosed, on February 12, 2025, DevvStream Corp. received a letter (the Minimum Bid Notice") from The Nasdaq Stock Market, LLC (the Nasdaq") notifying the Company that, because the closing bid price for its Common Shares has been below $1.00 per share for 30 consecutive business days, it no longer complied with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share (the Minimum Bid Price Requirement") and Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive business days. Nasdaq provided the Company with 180 days, or until August 13, 2025, to regarding compliance (the Compliance Deadline"). As of August 15, 2025, the Company had not regained compliance with the Minimum Bid Price Requirement. As such, on August 15, 2025, the Company received a new letter (the Delisting Notice") from Nasdaq notifying the Company that, as a result of the Company's failure to regain compliance with the Minimum Bid Price Requirement by the Compliance Deadline, Nasdaq has determined to delist the Company's Common Shares from the Nasdaq Capital Market. Furthermore, Nasdaq informed the Company that it is not eligible for a second 180-day period to regain compliance because the Company does not comply with any of the stockholders' equity initial listing requirements of the Nasdaq Capital Market and thus does not comply with the applicable initial listing requirements that the Company must meet to qualify for a second grace period as per Listing Rule 5810(c)(3)(A)(ii). Accordingly, unless the Company submits an appeal of the delisting determination to Nasdaq by no later than 4:00 p.m. Eastern Time on August 22, 2025(the Appeal Deadline"), Nasdaq has informed the Company that its Common Shares will be scheduled for delisting from The Nasdaq Capital Market and will be suspended at the opening of business on August 26, 2025, 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 Company currently intends to appeal Nasdaq's determination to a hearings panel (the Hearings Panel"), pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, by no later than the Appeal Deadline, unless, prior to the Appeal Deadline, Nasdaq provides the Company with a compliance letter indicating
that the Company has regained compliance with the Minimum Bid Price Requirement, of which there can be no assurances. As previously disclosed, on August 7, 2025, the Company filed Articles of Amendment (Amendment") with the Registrar of Corporations (Alberta) to effectuate a reverse stock split of the Company's Common Shares, no par value (the Common Shares"), at a ratio of one-for-ten (1:10) (the Reverse Stock Split"). The Reverse Stock Split was effective on August 8, 2025 (the Effective Date"), with the Common Shares trading on Nasdaq on a reverse split-adjusted basis on August 8, 2025. Since the Effective Date of the Reverse Stock Split, the Company's Common Shares have been trading above the Minimum Bid Price Requirement. As such, while no assurances can be made, the Company expects to regain compliance on August 22, 2025 by exceeding the Minimum Bid Price Requirement for ten (10) business days. Once compliance is regained, of which there can be no assurances, the Company anticipates that Nasdaq will provide the Company with written confirmation that it has regained compliance and that the Delisting Notice will be withdrawn.