Greenlane Holdings Faces Nasdaq Delisting Notice
Ticker: GNLN · Form: 8-K · Filed: May 23, 2024 · CIK: 1743745
Sentiment: bearish
Topics: delisting, compliance, board-changes
Related Tickers: GNLN
TL;DR
Nasdaq's kicking Greenlane out, board shakeup too.
AI Summary
Greenlane Holdings, Inc. announced on May 17, 2024, that it received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules. The company is also reporting changes in its board of directors and executive compensation arrangements. This filing serves as a current report under the Securities Exchange Act of 1934.
Why It Matters
This filing signals potential delisting from Nasdaq, which could significantly impact the liquidity and valuation of Greenlane Holdings' stock.
Risk Assessment
Risk Level: high — The company has received a notice of non-compliance with Nasdaq listing rules, indicating a significant risk of delisting.
Key Players & Entities
- Greenlane Holdings, Inc. (company) — Registrant
- Nasdaq Stock Market (company) — Listing Exchange
- May 17, 2024 (date) — Date of earliest event reported
FAQ
What specific Nasdaq listing rule(s) did Greenlane Holdings, Inc. fail to meet?
The filing states Greenlane Holdings, Inc. received a notice from the Nasdaq Stock Market indicating non-compliance with listing rules, but does not specify which rules were violated.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 17, 2024.
What other items are being reported in this 8-K filing besides the delisting notice?
The filing also reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
Under which section of the Securities Exchange Act of 1934 is this form filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the principal executive office address for Greenlane Holdings, Inc.?
The principal executive office address is 1095 Broken Sound Parkway, Suite 100, Boca Raton, FL 33487.
Filing Stats: 1,303 words · 5 min read · ~4 pages · Grade level 11.8 · Accepted 2024-05-23 16:19:26
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value per share GNLN Nasdaq Global
- $300,000 — . Reeve is entitled to a base salary of $300,000 and will be eligible to receive an annu
Filing Documents
- gnln-20240517.htm (8-K) — 42KB
- lana_r-xemploymentxagreeme.htm (EX-10.1) — 160KB
- greenlane-pressreleaseforn.htm (EX-99.1) — 11KB
- 0001743745-24-000048.txt ( ) — 381KB
- gnln-20240517.xsd (EX-101.SCH) — 2KB
- gnln-20240517_lab.xml (EX-101.LAB) — 23KB
- gnln-20240517_pre.xml (EX-101.PRE) — 13KB
- gnln-20240517_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 reported, 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 was 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. On May 21, 2024, the Company received a notice from Nasdaq stating that because the Company had not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the "Form 10-Q"), the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1). The Company has 60 calendar days from April 18, 2024, or until June 17, 2024, to regain compliance by filing the Form 10-K and the Form 10-Q or to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. The Company intends to file the Form 10-K and the Form 10-Q as soon as possible. If the Company is unable to file the Form 10-K and the Form 10-Q 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. Item 5.02. Depart
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On May 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 10.1 Employment Agreement by and among Warehouse Goods LLC and Lana Reeve 99.1 Press Release dated May 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: May 23, 2024 By: /s/ Lana Reeve Lana Reeve Chief Financial and Legal Officer