Alberton received notice from Nasdaq indicating our non-compliance with listing rule that we have min. 300 public holders for continued listing. It is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of our securities on Nasdaq .
On September 1, 2020, Alberton received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating Alberton’s non-compliance with Listing Rule 5550(a)(3) that Alberton have min. 300 public holders for continued listing on Nasdaq. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of our securities on Nasdaq.
The Notice states that we have 45 calendar days to submit a plan to regain compliance with the Minimum Public Holders Rule. We intend to submit a plan to regain compliance with the Rule within the required timeframe. If Nasdaq accepts our plan, Nasdaq may grant us an extension of up to 180 calendar days from the date of the Notice to evidence our compliance. If Nasdaq does not accept our plan, we will have the opportunity to appeal the decision in front of a Nasdaq Hearings Panel.
Alberton makes forward-looking statements in this report within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events. These forward-looking statements are based on information available to us as of the date of this report, and involve substantial risks and uncertainties. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to a variety of factors, including our ability to submit a plan of compliance satisfactory to Nasdaq, our ability to evidence that we have min. 300 public holders, and other risks and uncertainties set forth in our reports filed with the SEC. We do not undertake any obligation to update forward-looking statements as a result of new information, future events, or developments or otherwise.