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Lytus Technologies Faces Nasdaq Compliance Challenge: February 2025 Report

$LYT
Form 6-K
Filed on: 2025-02-14
Source
Lytus Technologies Faces Nasdaq Compliance Challenge: February 2025 Report

Here are the key insights extracted from the financial report of Lytus Technologies Holdings PTV. Ltd. as per the Form 6-K filing:

  1. Company Overview:
  • Name: Lytus Technologies Holdings PTV. Ltd.
  • Address: Unit 1214, ONE BKC, G Block, Bandra Kurla Complex, Bandra East, Mumbai, India 400 051.
  1. Filing Date: February 14, 2025, for events occurring in February 2025.
  2. Nasdaq Compliance Issue:
  • On February 11, 2025, the company received a determination letter from Nasdaq indicating non-compliance with Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share.
  • Due to a reverse stock split on February 23, 2024 (1 for 60), the company is not eligible for the standard 180-day compliance period.
  • If the company does not appeal by February 18, 2025, its stock will be delisted, with trading suspended on February 20, 2025. A Form 25-NSE will be filed to remove the company's securities from Nasdaq.
  1. Appeal Process:
  • The company has requested a hearing before the Nasdaq Hearings Panel on February 12, 2025, which will temporarily stay the trading suspension until a decision is made.
  1. Potential Consequences:
  • There is no guarantee that the panel will grant the appeal for continued listing. If delisted from Nasdaq, the company expects its shares may be traded on the OTC Markets Group.
  1. Strategic Initiatives:
  • On February 6, 2025, the company announced plans to strengthen its position in the HealthTech sector through Lytus Healthcare, a fully owned subsidiary focused on improving healthcare accessibility in India.
  1. Exhibit Information:
  • A press release related to the HealthTech initiative is included as Exhibit 99.1.
  1. Signatures:
  • The report is signed by Dharmesh Pandya, Chief Executive Officer, on behalf of Lytus Technologies Holdings PTV. Ltd.

This report highlights significant compliance challenges faced by the company regarding its Nasdaq listing and its strategic initiatives to enhance its market position in the healthcare sector.