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Fusion Fuel Green PLC Faces Nasdaq Compliance Crisis: Urgent Report Insights

$HTOO
Form 6-K
Filed on: 2025-01-13
Source
Fusion Fuel Green PLC Faces Nasdaq Compliance Crisis: Urgent Report Insights

Here are the key insights extracted from the financial report of Fusion Fuel Green PLC, as detailed in the SEC Form 6-K filing:

  1. Filing Information:
  • Type: Report of Foreign Private Issuer (Form 6-K).
  • Company Name: Fusion Fuel Green PLC.
  • Filing Date: January 10, 2025.
  • Commission File Number: 001-39789.
  • Principal Executive Office Address: The Victorians, 15-18 Earlsfort Terrace, Dublin, Ireland.
  1. Compliance Issues with Nasdaq:
  • Annual Meeting Requirement: The company has not held its annual meeting of shareholders within twelve months of its fiscal year-end (December 31, 2023). This constitutes a violation of Nasdaq Listing Rule 5620(a).
  • Delisting Risk: The company has been notified that this non-compliance is an additional basis for potential delisting from Nasdaq.
  • Response Deadline: The company must present its views regarding this deficiency to the Nasdaq Hearings Panel by January 17, 2025.
  1. Previous Deficiencies:
  • On May 8, 2024, the company received a Deficiency Notice indicating non-compliance with the minimum $10 million stockholders' equity requirement (Nasdaq Listing Rule 5450(b)(1)(A)), reporting only $3,022,125 in stockholders' equity.
  • The company submitted a plan to regain compliance, which included transferring its listing to The Nasdaq Capital Market by November 4, 2024, but failed to consummate necessary transactions by that deadline.
  1. Staff Determination Notice:
  • On November 5, 2024, the company received a Staff Determination Notice denying its request for continued listing on The Nasdaq Capital Market due to the failure to meet compliance requirements.
  • If not appealed by November 12, 2024, trading of the company's shares would be suspended on November 14, 2024, and a Form 25-NSE would be filed to remove the company's securities from Nasdaq listing.
  1. Hearing Request:
  • The company has requested a hearing before the Nasdaq Hearings Panel to contest the determination, which has temporarily stayed the suspension of its securities and the filing of the Form 25-NSE pending the Panel's decision.
  1. No Assurance of Continued Listing:
  • The report indicates that there is no assurance that the Panel will grant the company's request for continued listing on Nasdaq.

Overall, Fusion Fuel Green PLC is facing significant challenges regarding its compliance with Nasdaq listing requirements, which could lead to delisting if not addressed promptly. The company is actively seeking to appeal and resolve these issues but is under considerable pressure to demonstrate compliance.