Perfect Moment, Ltd. has received a notification (Letter) from the NYSE American, LLC stating that the company is not in compliance with the minimum stockholders’ equity requirements of Sections 1003(a)(ii) of the NYSE American Company Guide requiring stockholders’ equity of $4.0 million or more if the company has reported losses from continuing operations and/or net losses in three of the four most recent fiscal years.
As of September 30, 2024, the company had stockholders’ equity of $2.7 million and had losses in its three most recent fiscal years, which ended March 31, 2024.
The company is now subject to the procedures and requirements of Section 1009 of the Company Guide.
The company has until January 10, 2025, to submit a Plan of Actions it has taken or will take to regain compliance with the continued listing standards by June 11, 2026.
Perfect Moment said it intends to submit a Plan to regain compliance with NYSE American listing standards. If the NYSE American accepts the Plan, the company will be able to continue its listing during the Plan period and will be subject to periodic reviews, including quarterly monitoring for compliance with the Plan until it has regained compliance. If the NYSE American does not accept the company’s Plan, the Letter states that delisting proceedings will commence. The company may appeal a staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide.
The Letter has no immediate effect on the listing or trading of the company’s common stock on the NYSE American. The company’s receipt of the Letter from the NYSE American does not affect the company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.
Image courtesy Perfect Moment
