In connection with the Company's delayed Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 (the "Q12026 Form 10-Q"), the Company received, on May 21, 2026, a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, because the Company has not yet filed the Q12026 Form 10-Q, the Company no longer complies with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the Securities and Exchange Commission. The Notice has no immediate effect on the listing or trading of the Company's Common Shares or Warrants on the Nasdaq Capital Market.

 

The Notice supplements the prior notice received by the Company from Nasdaq on April 17, 2026 (the "Prior Notice") relating to the Company's delayed Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K" and, as designated by Nasdaq, the "Initial Delinquent Filing"), as previously disclosed by the Company in its Current Report on Form 8-K filed with the SEC on April 23, 2026.

 

In accordance with Nasdaq's listing rules, the Company has until June 16, 2026 to submit a plan of compliance to Nasdaq addressing how the Company intends to regain compliance with the Listing Rule with respect to both the 2025 Form 10-K and Q12026 Form 10-Q. If Nasdaq accepts the Company's plan, Nasdaq may grant the Company up to 180 calendar days from the due date of the Initial Delinquent Filing, or until October 12, 2026, to regain compliance. The Company intends to file the Q12026 Form 10-Q as soon as practicable but anticipates no later than early June 2026, which the Company believes will, together with the filing of the 2025 Form 10-K, cure the deficiency and regain compliance with the Listing Rule.