Enveric Biosciences Faces Potential Delisting from Nasdaq Capital Market

Enveric Biosciences, Inc. (OTCMKTS:SPZR) disclosed in a recent filing with the Securities and Exchange Commission on November 20, 2024, that they are at risk of being delisted from the Nasdaq Capital Market. This notification follows a prior report where the company received a notice on May 16, 2024, from the Nasdaq Listing Qualifications Department concerning their failure to meet the minimum $1.00 bid price per share requirement over the preceding 30 consecutive business days.

Enveric Biosciences (OTCMKTS:SPZR) was granted 180 calendar days, until November 12, 2024, to comply with the Minimum Bid Price Requirement. However, on November 20, 2024, the Nasdaq Staff issued a determination via a delisting notice to the company, indicating that they had not met the Minimum Bid Price Requirement within the specified timeframe.

As a result of this determination, Enveric Biosciences is not eligible for a second 180-day extension due to non-compliance with the $5,000,000 minimum stockholders’ equity initial listing requirement for the Nasdaq Capital Market. The Delisting Notice implied that unless an appeal was made, Enveric Biosciences’ shares would be delisted from the Nasdaq Capital Market and trading halted.

To contest this decision, the company intends to request a hearing before the Nasdaq Listing Qualifications Panel. This hearing, aimed at appealing the determination, will grant Enveric Biosciences the opportunity to present its plan to regain and sustain compliance with the Minimum Bid Price Requirement.

The company’s appeal will temporarily halt any delisting or suspension actions, providing breathing space until a final decision is reached by the Panel. The Panel has the authority to grant an extension of up to 180 calendar days to regain compliance and may impose additional criteria or even choose to delist the shares. Enveric Biosciences acknowledges the uncertainty surrounding the Panel’s decision and highlights that a favorable outcome is not guaranteed.

Enveric Biosciences, Inc. represented by its Chief Executive Officer, Joseph Tucker, Ph.D., acknowledged these developments by signing the report on November 22, 2024.

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

Enveric Biosciences Company Profile

Enveric Biosciences, Inc develops cannabinoid medicines and combination therapies. It is a patient-centric biotechnology company endeavouring to enhance the lives of those who are adversely affected by the side effects of Cancer Treatments. The firm is testing natural compounds, starting with cannabinoids to provide patients and clinicians with novel prescription medicines to serve these unmet medical needs.