Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On April 10, 2023, CEA Industries Inc. (the "Company") received a letter from
the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq")
indicating that, based upon the closing bid price of the Company's common stock
for the 30 consecutive business day period between February 24, 2023, through
April 6, 2023, the Company did not meet the minimum bid price of $1.00 per share
required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq
Listing Rule 5550(a)(2). The letter also indicated that the Company will be
provided with a compliance period of 180 calendar days, or until October 9, 2023
(the "Compliance Period"), in which to regain compliance pursuant to Nasdaq
Listing Rule 5810(c)(3)(A).
In order to regain compliance with Nasdaq's minimum bid price requirement, the
Company's common stock must maintain a minimum closing bid price of $1.00 for at
least ten consecutive business days during the Compliance Period. In the event
the Company does not regain compliance by the end of the Compliance Period, the
Company may be eligible for additional time to regain compliance. To qualify for
the additional time, the Company will be required to meet the continued listing
requirement for the market value of its publicly held shares and all the other
listing standards for The Nasdaq Capital Market and will need to provide written
plan to cure the deficiency during the second compliance period. The Company may
be granted an additional 180 calendar days to regain compliance if the plan is
accepted by Nasdaq. However, if it appears to Nasdaq that the Company will be
unable to cure the deficiency, or if the Company is not otherwise eligible for
the additional cure period, Nasdaq will provide notice that the Company's common
stock will be subject to delisting.
The letter has no immediate impact on the listing of the Company's common stock,
which will continue to be listed and traded on The Nasdaq Capital Market,
subject to the Company's compliance with the other listing requirements of The
Nasdaq Capital Market.
© Edgar Online, source Glimpses