Neptune Wellness Solutions Faces Nasdaq Delisting, Exploring OTCQB Venture Market Listing

Neptune Wellness Solutions Inc., a prominent consumer-packaged goods company headquartered in Laval, QC, announced an important update regarding its financial status and stock market positioning. The company received a decision from the Nasdaq Hearings Panel which upheld the delisting of Neptune's common shares. This decision comes after Neptune's non-compliance with Nasdaq's minimum bid price and stockholders' equity requirements.

Previously, Neptune was notified by Nasdaq that its common shares had not maintained the minimum bid price of US$1.00 for 30 consecutive trading days, and its stockholders' equity was below the required US$2.5 million for continued listing. Despite appealing for additional time to address these deficiencies, the appeal was denied. Consequently, trading of Neptune's shares on Nasdaq will cease starting March 7, 2024.

In light of these developments, Neptune is exploring the possibility of listing its common shares on the OTCQB® Venture Market. This shift is part of the company's strategic efforts to continue operations and maintain its presence in the market. Pending challenges include funding issues, as Neptune acknowledges its immediate need for cash to sustain business operations and is considering various strategic options to generate necessary capital.