LAVAL,
QC, July 21, 2023 /PRNewswire/ - Neptune
Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ:
NEPT), a consumer-packaged goods company focused on plant-based,
sustainable and purpose-driven lifestyle brands, today announced
that it has received a letter from the Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that, based on the reported
stockholders' equity of Neptune as reported in its recent Annual
Report on Form 10-K, the Company does not meet the minimum
stockholders' equity requirement for continued listing on the
Nasdaq Capital Market under the equity criteria under Nasdaq
Listing Rule 5550(b)(1) stating listed companies must maintain
stockholders' equity of at least $2,500,000.
The Nasdaq notification letter has no immediate effect on the
Company's business operations or the listing of the Company's
common shares, and they will continue to trade on the Nasdaq
Capital Market under the symbol "NEPT".
Pursuant to the Nasdaq Listing Rule 5550(b)(1) the Company has
45 calendar days, or until September 5,
2023, to submit a plan to regain compliance. If the plan is
accepted, Nasdaq can grant an extension of 180 calendar days from
the date of the letter to evidence compliance.
The Company intends to regain compliance within the applicable
compliance period and is currently working on a plan to submit to
Nasdaq.
About Neptune Wellness Solutions
Inc.
Neptune is a consumer-packaged goods company that aims to
innovate health and wellness products. Founded in 1998 and
headquartered in Laval, Quebec,
the Company focuses on developing a portfolio of high-quality,
affordable consumer products that align with the latest market
trends for natural, sustainable, plant-based and purpose-driven
lifestyle brands. The Company's products are available in more than
27,000 retail locations and include well-known organic food and
beverage brands such as Sprout Organics, Nosh, and Nurturme, as
well as nutraceuticals brands like Biodroga and Forest Remedies. With its efficient and
adaptable manufacturing and supply chain infrastructure, the
Company can quickly respond to consumer demand, and introduce new
products through retail partners and e-commerce channels. Please
visit neptunewellness.com for more details.
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such as "expects", or "does not expect", "is expected",
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statements with respect to the ability regain compliance with
Nasdaq listing requirements.
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SOURCE Neptune Wellness Solutions Inc.