Greenlane Holdings to be Delisted from Nasdaq on Feb 29
Ticker: GNLN · Form: 8-K · Filed: Feb 26, 2024 · CIK: 1743745
Sentiment: bearish
Topics: delisting, regulatory-filing, corporate-governance
TL;DR
**Greenlane Holdings is getting delisted from Nasdaq on Feb 29, expect its stock to tank.**
AI Summary
Greenlane Holdings, Inc. (GNLN) filed an 8-K on February 26, 2024, reporting that it received a notice of delisting from Nasdaq on February 21, 2024. The company's shares will be suspended from trading on Nasdaq at the opening of business on February 29, 2024, and the delisting will become effective upon filing Form 25 with the SEC. This action follows the company's failure to meet continued listing standards.
Why It Matters
Delisting from Nasdaq can severely impact a company's liquidity and investor confidence, often leading to a significant drop in share price and making it harder to raise capital.
Risk Assessment
Risk Level: high — Delisting from a major exchange like Nasdaq is a severe event that typically results in a significant loss of investor confidence and liquidity.
Key Players & Entities
- Greenlane Holdings, Inc. (company) — Registrant being delisted
- Nasdaq (company) — Exchange delisting Greenlane Holdings
- February 21, 2024 (date) — Date of earliest event reported (notice of delisting)
- February 26, 2024 (date) — Date 8-K was filed
- February 29, 2024 (date) — Date shares will be suspended from trading on Nasdaq
- SEC (company) — Regulatory body with which Form 25 will be filed
FAQ
What is the primary reason for Greenlane Holdings, Inc.'s 8-K filing?
The primary reason for Greenlane Holdings, Inc.'s 8-K filing is to report the receipt of a notice of delisting from Nasdaq due to failure to satisfy continued listing rules or standards.
When did Greenlane Holdings, Inc. receive the delisting notice?
Greenlane Holdings, Inc. received the delisting notice on February 21, 2024.
When will Greenlane Holdings, Inc.'s shares be suspended from trading on Nasdaq?
Greenlane Holdings, Inc.'s shares will be suspended from trading on Nasdaq at the opening of business on February 29, 2024.
What form will be filed to make the delisting effective?
The delisting will become effective upon the filing of Form 25 with the SEC.
What is Greenlane Holdings, Inc.'s business address?
Greenlane Holdings, Inc.'s business address is 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487.
Filing Stats: 769 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-02-26 16:31:24
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value per share GNLN Nasdaq Global
- $1.00 — s Class A common stock had closed below $1.00 for the previous 30 consecutive busines
Filing Documents
- gnln-20240221.htm (8-K) — 34KB
- 0001743745-24-000030.txt ( ) — 164KB
- gnln-20240221.xsd (EX-101.SCH) — 2KB
- gnln-20240221_lab.xml (EX-101.LAB) — 25KB
- gnln-20240221_pre.xml (EX-101.PRE) — 13KB
- gnln-20240221_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously disclosed, on August 21, 2023, Greenlane Holdings, Inc. (the "Company") received a letter from the staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1) because the closing bid price per share for the Company's Class A common stock had closed below $1.00 for the previous 30 consecutive business days (the "Minimum Bid Price Requirement"). The Company was given 180 days, or until February 20, 2024 to regain compliance with the Minimum Bid Price Requirement. Also as previously disclosed, the Company filed an application to transfer the listing of its Class A common stock from the Nasdaq Global Market to the Nasdaq Capital Market, which transfer was approved and occurred on February 9, 2024. As a result of the transfer, the Company became eligible to request an additional an additional 180-day compliance period. On February 21, 2024, Nasdaq notified the Company in writing (the "Extension Letter") that while the Company had not regained compliance with the Minimum Bid Price Requirement, it was eligible for an additional 180-day compliance period, or until August 19, 2024, to regain compliance with the Minimum Bid Price Requirement. Nasdaq's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and on the Company's written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company does not regain compliance during the second 180-day period, then Nasdaq will notify the Company of its determination to delist the Company's common stock, at which point the Com
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 104 Cover Page Interactive Data File * Furnished herewith.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREENLANE HOLDINGS, INC. Dated: February 26, 2024 By: /s/ Lana Reeve Lana Reeve Chief Financial and Legal Officer