Ammo, Inc., the owner of GunBroker.com, and a leading vertically integrated producer of high-performance ammunition and components, is reporting that the company received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC on November 20, 2024.
The Notice indicated that the company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as described more fully in the company’s Form 12b-25 Notification of Late Filing filed with the Securities and Exchange Commission (SEC) on November 13, 2024.
The Listing Rule requires Nasdaq-listed companies to timely file all required periodic financial reports with the SEC.
“As reported in the Form 12b-25, the Form 10-Q cannot be filed within the prescribed time period without unreasonable effort or expense as a result of the ongoing independent investigation conducted by a law firm retained by a Special Committee of the Board of Directors of the company,” the company noted in a media release.
The company said it now has until January 21, 2025, to submit a Plan to regain compliance with the Listing Rule. The company intends to timely submit the Plan, if necessary. Pursuant to the Notice, if Nasdaq accepts the Plan, Nasdaq has the discretion to grant the company an exception of up to 180 calendar days as a Compliance Period from the due date of the Form 10-Q, or until May 19, 2025, to regain compliance with the Listing Rule.
While the company said it cannot provide specific timing regarding the filing of the Form 10-Q, the company said it continues to work diligently to complete the Form 10-Q and intends to file the Form 10-Q as soon as practicable to regain compliance with the Listing Rule within the Compliance Period.
Ammo, Inc. said in its release that no assurance can be given that the company will be able to regain compliance with the Listing Rule or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules.
“If the company does not regain compliance with the Listing Rule within the Compliance Period, Nasdaq could provide notice that the company’s securities will become subject to delisting. If the company receives notice that its securities are being delisted, Nasdaq rules permit the company to appeal any delisting determination by Nasdaq staff to a hearings panel,” the company said in its release.
Note: The Nasdaq Notice has no immediate effect on the listing of the company’s common stock or preferred stock on Nasdaq.
Image courtesy Ammo, Inc.
