Announcement • Aug 21
Fintech Ecosystem Development Corp.(NasdaqCM:FEXD) dropped from NASDAQ Composite Index Fintech Ecosystem Development Corp. has dropped from the NASDAQ Composite Index . New Risk • Aug 16
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Negative equity (-US$6.8m). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$49.9m market cap). Announcement • Jul 26
Fintech Ecosystem Development Receives a Written Notice from the Staff of the Listing Qualifications Department of the Nasdaq Stock Market On July 19, 2024, Fintech Ecosystem Development Corp. received a written notice from the Staff of the Listing Qualifications Department of the Nasdaq Stock Market LLC, notifying the Company that, for the last 30 consecutive business days, the Company’s Market Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(b)(2). The Staff also noted that the Company does not meet the requirements under Nasdaq Listing Rule 5550(b)(1) (Equity Standard: maintaining stockholders’ equity of at least $2.5 million) and Nasdaq Listing Rule 5550(b)(3) (Net Income Standard: maintaining net income from continuing operations of at least $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years). The Notice provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a period of 180 calendar days from the date of the Notice, or until January 15, 2025, to regain compliance with the Market Value Standard. During this period, the Company’s securities will continue to trade on The Nasdaq Capital Market. To regain compliance with the Market Value Standard, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days during prior to the Compliance Date. If the Company does not regain compliance with the Market Value Standard by the Compliance Date, the Staff will provide a written notification to the Company that its securities are subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Hearings Panel. The Company intends to monitor its MVLS between now and the Compliance Date, and may, if appropriate, evaluate available options to resolve the deficiency under the Market Value Standard and regain compliance with the Market Value Standard. The Company believes that it will be able to demonstrate that its securities comply with the Market Value Standard prior to the Compliance Date. However, there can be no assurance that the Company will be able to regain or maintain compliance. 
