Kaival Brands Innovations Group, Inc. (NASDAQ:
KAVL) ("Kaival Brands," the "Company" or "we,” “our” or
similar terms), a company focused on incubating and commercializing
innovative products into mature and dominant brands, with a current
focus on the distribution of electronic nicotine delivery systems
(ENDS) intended for adults 21 and over, today announced that the
NASDAQ Stock Market (“Nasdaq”) has granted Kaival Brands an
additional 180 days to regain compliance with Nasdaq’s $1.00
minimum bid price rule requirement under Nasdaq Listing Rule
5550(a)(2) (the “Bid Price Rule”), following the expiration of the
initial 180 days period to regain compliance on July 31, 2023.
Nasdaq’s action follows the submission by Kaival
Brands to Nasdaq of a plan for regaining compliance with the Bid
Price Rule.
As a result of the extension, Kaival Brands now
has until January 29, 2024 to regain compliance with the $1.00
minimum bid price rule requirement. If at any time before January
29, 2024, the bid price of Kaival Brands’ common stock closes at or
above $1.00 per share for a minimum of 10 consecutive business
days, Nasdaq will provide written notification to Kaival Brands
that it has achieved compliance with the bid price requirement. If
Kaival Brands chooses to implement a reverse stock split to regain
compliance with the Bid Price Rule, it must complete the reverse
split no later than 10 business days prior to the expiration of the
additional 180 calendar day period in order to timely regain
compliance.
If Kaival Brands does not regain compliance with
the bid price requirement by January 29, 2024, Nasdaq will provide
written notification to Kaival Brands that its common stock will be
subject to delisting. At such time, Kaival Brands may appeal the
delisting determination to a Nasdaq Hearings Panel. There can be no
assurance that, if Kaival Brands does appeal a subsequent delisting
determination, such appeal would be successful. Kaival Brands’
common stock would remain listed pending the Panel’s decision.
The current notification from Nasdaq has no
immediate effect on the listing or trading of the Kaival Brands’
common stock, which will continue to trade on the Nasdaq Capital
Market under the symbol “KAVL”.
ABOUT KAIVAL BRANDS
Based in Grant-Valkaria, Florida, Kaival Brands
is a company focused on incubating and commercializing innovative
products into mature and dominant brands, with a current focus on
the distribution of electronic nicotine delivery systems (ENDS)
also known as “e-cigarettes” for use by customers 21 years and
older. Our business plan is to seek to diversify into distributing
other nicotine and non-nicotine delivery system products (including
those related to hemp-derived cannabidiol (known as CBD) products).
Kaival Brands and Philip Morris Products S.A. (via sublicense from
Kaival Brands) are the exclusive global distributors of all
products manufactured by Bidi Vapor.
Learn more about Kaival Brands at
https://ir.kaivalbrands.com/overview/default.aspx.
ABOUT KAIVAL LABS
Based in Grant-Valkaria, Florida, Kaival Labs,
Inc. is wholly-owned subsidiary of Kaival Brands focused on
developing new branded and white-label products and services in the
vaporizer and inhalation technology sectors. Kaival Labs’ current
patent portfolio consists of 12 existing and 46 pending with novel
technologies across extrusion dose control, product preservation,
tracking and tracing usage, multiple modalities and child safety.
The patents and patent applications cover territories including the
United States, Australia, Canada, China, the European Patent
Organisation, Israel, Japan, Mexico, New Zealand and South Korea.
The portfolio also includes a fully-functional proprietary mobile
device software application that is used in conjunction with
certain patents in the portfolio.
Learn more about Kaival Labs at
https://kaivallabs.com.Cautionary Note Regarding
Forward-Looking Statements
This press release and the statements of the
Company’s management and partners included herein and related to
the subject matter herein includes statements that constitute
“forward-looking statements” (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended), which are statements
other than historical facts. You can identify forward-looking
statements by words such as “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,”
“position,” “should,” “strategy,” “target,” “will,” and similar
words. All forward-looking statements speak only as of the date of
this press release. Although we believe that the plans, intentions,
and expectations reflected in or suggested by the forward-looking
statements are reasonable, there is no assurance that these plans,
intentions, or expectations will be achieved. Therefore, actual
outcomes and results (including, without limitation, the results of
the Company’s efforts to regain compliance with the Nasdaq’s Bid
Price Rule) could materially and adversely differ from what is
expressed, implied, or forecasted in such statements. Our business
may be influenced by many factors that are difficult to predict,
involve uncertainties that may materially affect results, and are
often beyond our control. Factors that could cause or contribute to
such differences include, but are not limited to: (i) future
actions by the FDA in response to the 11th Circuit Court’s decision
that could impact our business and prospects, (ii) the outcome of
FDA’s scientific review of Bidi Vapor’s pending FDA Premarket
Tobacco Product Applications, (iii) the results of international
marketing and sales efforts by Philip Morris International, the
Company’s international distribution partner, (iv) how quickly
domestic and international markets adopt our products, (v) the
scope of future FDA enforcement of regulations in the ENDS
industry, (vi) the FDA’s approach to the regulation of synthetic
nicotine and its impact on our business, (vii) potential federal
and state flavor bans and other restrictions on ENDS products,
(viii) the duration and scope of the COVID-19 pandemic and impact
on the demand for the products we distribute, (ix) general economic
uncertainty in key global markets and a worsening of global
economic conditions or low levels of economic growth, (x) the
effects of steps that we could take to reduce operating costs, (xi)
our inability to generate and sustain profitable sales growth,
including sales growth in U.S. and international markets, (xii)
circumstances or developments that may make us unable to implement
or realize anticipated benefits, or that may increase the costs, of
our current and planned business initiatives, (xiii) significant
changes in our relationships with our distributors or
sub-distributors and (xiv) other factors detailed by us in our
public filings with the Securities and Exchange Commission,
including the disclosures under the heading “Risk Factors” in our
Annual Report on Form 10-K for the fiscal year ended October 31,
2022, filed with the Securities and Exchange Commission on January
27, 2023 and accessible at www.sec.gov. All forward-looking
statements included in this press release are expressly qualified
in their entirety by such cautionary statements. Except as required
under the federal securities laws and the Securities and Exchange
Commission’s rules and regulations, we do not have any intention or
obligation to update any forward-looking statements publicly,
whether as a result of new information, future events, or
otherwise.
All Press Inquiries and Kaival Brands Investor
Relations:Stephen Sheriff, Director of Communications and
AdministrationIr.kaivalbrands.cominvestors@kaivalbrands.com
Kaival Brands Innovations (NASDAQ:KAVL)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Kaival Brands Innovations (NASDAQ:KAVL)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024