Greenlane Holdings Faces Delisting Concerns
Ticker: GNLN · Form: 8-K · Filed: Apr 23, 2024 · CIK: 1743745
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: GNLN
TL;DR
GNLN might get kicked off the exchange - big trouble.
AI Summary
Greenlane Holdings, Inc. filed an 8-K on April 23, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of April 18, 2024. The company is incorporated in Delaware and its principal executive offices are located in Boca Raton, Florida.
Why It Matters
This filing indicates potential issues with Greenlane Holdings' compliance with stock exchange listing requirements, which could lead to its shares being delisted.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading and investor confidence.
Key Players & Entities
- Greenlane Holdings, Inc. (company) — Registrant
- April 18, 2024 (date) — Date of earliest event reported
- April 23, 2024 (date) — Date of report
- Delaware (jurisdiction) — State of incorporation
- Boca Raton, FL (location) — Principal executive offices
FAQ
What specific listing rule or standard has Greenlane Holdings, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Greenlane Holdings, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the exact date of the event triggering this 8-K filing?
The earliest event reported, which triggered this 8-K filing, occurred on April 18, 2024.
What is Greenlane Holdings, Inc.'s principal executive office address?
Greenlane Holdings, Inc.'s principal executive offices are located at 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487.
What is the Commission File Number for Greenlane Holdings, Inc.?
The Commission File Number for Greenlane Holdings, Inc. is 001-38875.
What is the IRS Employer Identification Number for Greenlane Holdings, Inc.?
The IRS Employer Identification Number for Greenlane Holdings, Inc. is 83-0806637.
Filing Stats: 777 words · 3 min read · ~3 pages · Grade level 11 · Accepted 2024-04-23 16:44:02
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value per share GNLN Nasdaq Global
Filing Documents
- gnln-20240418.htm (8-K) — 36KB
- greenlane-pressreleaseforn.htm (EX-99.1) — 11KB
- 0001743745-24-000040.txt ( ) — 175KB
- gnln-20240418.xsd (EX-101.SCH) — 2KB
- gnln-20240418_lab.xml (EX-101.LAB) — 23KB
- gnln-20240418_pre.xml (EX-101.PRE) — 13KB
- gnln-20240418_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. On April 18, 2024, Greenlane Holdings, Inc. (the "Company") received a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company had not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Form 10-K"), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. On April 1, 2024, the Company filed a Form 12b-25 Notification of Late Filing with the SEC related to the Form 10-K. The Notice states that the Company has 60 calendar days from April 18, 2024, or until June 17, 2024, to regain compliance by filing the Form 10-K or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. The Company intends to file the Form 10-K as soon as practicable within the 60-day required period. If the Company is unable to file the Form 10-K by June 17, 2024, the Company intends to submit a plan with Nasdaq to regain compliance. If Nasdaq accepts the Company's plan, then Nasdaq may, in its discretion, grant the Company up to 180 days from the prescribed due date for filing the Form 10-K, or until October 14, 2024, to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel. The Notice has no immediate effect on the listing of the Company's common stock on The Nasdaq Stock Market LLC.
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On April 23, 2024, the Company issued a press release disclosing the receipt of the Notice referenced above. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information furnished herein, including Exhibit 99.1, is not deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates them by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release of the Company, dated as of April 23, 2024 104 Cover Page Interactive Data File
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: April 23, 2024 By: /s/ Lana Reeve Lana Reeve Chief Financial and Legal Officer