Publicly traded cannabis tech company Agrify Corp. has received a formal noncompliance notification from the Nasdaq, the latest predicament for the firm’s listing on the high-profile stock exchange.
Agrify was found to have breached a Nasdaq rule regarding the timely filing of financial reports after receiving warnings in May and August.
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“The staff determination has no immediate effect and will not immediately result in the suspension of trading or delisting of Agrify’s shares of common stock,” Agrify said in a news release after financial markets closed Friday.
The cannabis ancillary business said it will request a hearing, which will “stay any suspension or delisting action,” then file to extend the stay.
“However, there can be no assurance that the panel will grant Agrify an additional extension, or that the panel will grant Agrify’s request for an extended stay, or that Agrify will be able to
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