Above Food Ingredients Inc. (NASDAQ:ABVE) shares are trading sharply lower in after-hours trading on Monday.
ABVE shares fell 35.96% to $0.073 in after-hours trading after the company disclosed that Nasdaq had determined to delist its common shares and warrants due to its failure to file audited financial statements and its Annual Report on Form 20-F by the required deadline.
Above Food Ingredients is an agricultural and food technology company that develops plant-based protein ingredients and uses AI-driven seed and crop technology to improve food production.
Nasdaq Delisting Determination
The company announced that it received a delisting determination letter from the Nasdaq Hearings Panel.
According to the notice, Nasdaq determined to delist Above Food’s securities after the company failed to comply with filing requirements under Nasdaq Listing Rules 5250(c)(1) and 5250(c)(2), including the filing of audited financial statements and its Form 20-F by the extension date previously granted by the panel.
Trading in the company’s securities is scheduled to be suspended at the open of trading on June 2, 2026.
Appeal And Relisting Efforts
Above Food said it continues to work diligently to complete its audited financial statements and submit all filings necessary to satisfy Nasdaq’s relisting requirements.
The company is also evaluating whether to appeal the delisting determination to the Nasdaq Listing and Hearing Review Council. In the interim, the securities are expected to become eligible for quotation on the OTCID market under the symbol ABVEE, which the company said could negatively impact trading volume and liquidity.
Trading Analysis
Above Food Ingredients currently has a market capitalization of approximately $5.80 million, with a 52-week high of $6.56 and a 52-week low of $0.10.
The stock is down 89.25% over the past 12 months.
Price Action: According to market data, ABVE closed Monday’s regular trading session at $0.11, down 80.57%. Shares fell an additional 35.96% in after-hours trading to $0.073.
Benzinga Edge Stock Rankings indicate that ABVE shares currently maintain negative short, medium and long-term price trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
Photo: Who is Danny / Shutterstock
Recent Comments