Australian Oilseeds Faces Nasdaq Delisting Due to Shareholders’ Equity Decline

Australian Oilseeds Holdings Limited, a Cayman Islands exempted company traded on the Nasdaq under the ticker symbol COOT, recently received a letter from the Nasdaq Listing Qualifications Staff. The communication highlighted that the company’s shareholders’ equity had dipped below the required minimum of $10,000,000 for continued listing on The Nasdaq Global Market as outlined in Nasdaq Listing Rule 5550(b)(1)(A).

The shareholders’ equity figure, reported in Australian Oilseeds’ Annual Report on Form 10-K for the period ending June 30, 2024, was recorded at AUD $907,569. With the conversion rate from AUD to USD as of June 30, 2024, the equity translated to approximately $605,258.

To address this non-compliance, Australian Oilseeds now has a deadline of January 21, 2025 – representing 45 calendar days from the receipt of the letter – to submit a plan indicating how it intends to rectify the situation and regain compliance with Nasdaq’s listing criteria. Nasdaq will evaluate the submitted plan based on several factors, including the likelihood of compliance achievement, the company’s compliance history, the reasons for the current non-compliance, and other relevant corporate developments during the review period, among other considerations.

If Nasdaq approves the plan, Australian Oilseeds will receive written confirmation and potentially an extension of up to 180 calendar days to demonstrate compliance. However, in case the plan is rejected, the company retains the option to appeal the decision to a Hearings Panel in accordance with Rule 5815(a).

Australian Oilseeds intends to proactively prepare and submit a compliance plan to Nasdaq within the stipulated timeline, exploring potential strategies that may involve a proposed transfer to the Capital Market.

As of now, the company has filed an 8-K form with the Securities and Exchange Commission (SEC), as required by regulations. This filing indicates the company’s commitment to keeping its investors and stakeholders informed about the ongoing developments related to its Nasdaq listing status.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Australian Oilseeds’s 8K filing here.

Australian Oilseeds Company Profile

Edoc Acquisition Corp. is a blank check company. It formed for the purpose of merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Edoc Acquisition Corp. is based in Victor, New York.