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Nvni Group Limited's Compliance Journey: 2023 Annual Report and Nasdaq Challenges

$NVNI
Form 6-K
Filed on: 2025-01-10
Source
Nvni Group Limited's Compliance Journey: 2023 Annual Report and Nasdaq Challenges

Here are the key insights extracted from the financial report (Form 6-K) of Nvni Group Limited:

  1. Company Information:
  • Name: Nvni Group Limited
  • Address: P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, Cayman Islands KY1-1001
  • Commission File Number: 001-41823
  • Report Date: January 10, 2025
  1. Notable Events:
  • The company received a staff determination letter from Nasdaq on November 12, 2024, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) due to the failure to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023.
  • The company appealed this determination on November 15, 2024, and was scheduled for a hearing on January 14, 2025.
  • The 2023 Annual Report was subsequently filed on December 26, 2024.
  • Nasdaq notified the company on January 8, 2025, that it was in compliance with Listing Rule 5250(c)(1) due to the filing of the 2023 Annual Report, resulting in the cancellation of the scheduled hearing.
  1. Current Compliance Status:
  • On January 9, 2025, the company received a notice for non-compliance with Nasdaq rules due to the failure to file interim financial statements for the second quarter ended June 30, 2024. These statements were required to be filed by December 31, 2024.
  • Nasdaq has granted the company 60 days (until March 10, 2025) to submit a plan to regain compliance. If accepted, the company may have until June 30, 2025, to file the required interim financials.
  1. Forward-Looking Statements:
  • The company is actively working to complete its Interim Financials and aims to file them as soon as possible to maintain compliance with SEC and Nasdaq requirements.
  1. CEO Statement:
  • The report is signed by Pierre Schurmann, Chief Executive Officer, indicating formal acknowledgment of the content and the company's commitment to addressing compliance issues.

These points summarize the current regulatory challenges faced by Nvni Group Limited, their compliance efforts, and the timeline for resolving outstanding issues with Nasdaq.