SPOKANE,
Wash., May 22, 2023 /PRNewswire/ -- Kaspien
Holdings Inc. (Nasdaq: KSPN) ("Kaspien" or the "Company"),
a leading e-commerce marketplace growth platform, today notified
The Nasdaq Stock Market LLC ("Nasdaq") of the Company's decision to
voluntarily delist its common stock from The Nasdaq Capital Market
and its intent to file a Form 25 with the U.S. Securities and
Exchange Commission (the "SEC") on or about June 1, 2023. As a result, the Company expects
the delisting of its common stock to become effective on or about
June 12, 2023.
As previously noted on the Company's Current Report on Form 8-K
filed with the SEC on December 15,
2022 and on the Company's Current Report on Form 8-K filed
with the SEC on May 8, 2023, the
Company had received written notices from Nasdaq that the Company
was not in compliance with the minimum bid price and minimum
stockholders' equity requirements, respectively, for continued
listing on The Nasdaq Capital Market.
After careful evaluation of the options available to the
Company, the Company's board of directors (the "Board") has
determined that the voluntary delisting of the Company's common
stock from The Nasdaq Capital Market is in the best interests of
the Company and its stockholders. The Board's decision was based on
careful review of several factors, including the likely inability
of the Company to regain compliance with the foregoing Nasdaq
listing rules and the significant costs associated therewith. In
addition, the Board believes a delisting provides the Company and
its stockholders lower operating costs and management time
commitment for compliance activities.
The Company anticipates that its common stock will be quoted on
the OTCQB or other market operated by OTC Markets Group Inc. (the
"OTC"), and it intends to take such actions to enable its common
stock to be quoted on the OTCQB or on another OTC market so that a
trading market may continue to exist for its common stock. There is
no guarantee, however, that a broker will continue to make a market
in the common stock and that trading of the common stock will
continue on an OTC market or otherwise.
At this time, the Company is not taking steps to deregister as a
public company under the Securities Exchange Act of 1934.
About Kaspien
Kaspien Holdings Inc. is a leading e-commerce marketplace growth
platform, offering an expanding suite of software and services to
help brands grow on Amazon, Walmart, Target, eBay, and other online
marketplaces. Founded in 1972 as a brick-and-mortar retailer and
rebranded as Kaspien in 2020, the Company has spent the last decade
building and utilizing proprietary technologies for brand
protection, marketing optimization, and fulfillment efficiency to
generate rapid revenue growth for its partners. Through innovative
strategies and best-in-class technologies, Kaspien has earned the
trust of many leading brands, including 3M, Owlet and ZippyPaws. For more information,
visit kaspien.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include any statements that are not of
historical fact, and may be identified by words such as "intend",
"expect", "believe", "anticipate", "will", "potential", "continue",
and similar terms and phrases, including variations and the
negatives thereof. These forward-looking statements include, among
other things, statements about the quotation of the Company's
common stock on an OTC market platform. Such statements are made
based on management's expectations and beliefs concerning future
events and are subject to uncertainties and factors that could
cause actual results to differ materially from the results
expressed in the statements. The following factors are among those
that may cause actual results to differ materially from the
Company's forward-looking statements: risk of disruption of
current plans and operations of Kaspien and the potential
difficulties in customer, supplier and employee retention; the
outcome of any legal proceedings that may be instituted against the
Company; the Company's ability to operate as a going-concern;
deteriorating economic conditions and macroeconomic factors; and
other risks described in the Company's filings with the SEC, such
as its Quarterly Reports on Form 10-Q and Annual Reports on Form
10-K.
The reader should keep in mind that any forward-looking
statement made by us in this press release pertains only as of the
date on which we make it. The Company undertakes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Company Contact
Ed Sapienza
Chief Financial Officer
509-202-4261
esapienza@kaspien.com
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SOURCE Kaspien Holdings Inc.