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The Alkaline Water Company Inc. (NASDAQ:WTER) (the "Company"), the country's largest independent alkaline water company and the Clean Beverage® company, today announced that it received a deficiency letter (the "Letter") on November 21, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market (the "Nasdaq"), notifying the Company that since the Company had not yet filed its Form 10-Q for the period ended September 30, 2023 (the "Form 10-Q"), it no longer complies with the Nasdaq's Listing Rule 5250(c)(1) (the "Rule") relating to the Company's obligation to file periodic financial reports for continued listing.
The Letter stated that this matter serves as an additional basis for delisting the Company's securities from the Nasdaq. The Letter further stated that the Company can request an appeal to a Hearings Panel and a request for a hearing regarding a delinquent filing will stay the suspension of the Company's securities only for a period of 15 days from the date of the request. The Letter further stated that since the Company is already before the Hearings Panel for its failure to comply with the minimum market value of its listed securities requirement set forth in Listing Rule 5550(b)(2), the Company will have seven days, or until November 28, 2023, to request a stay of the suspension, pending the Hearings Panel decision and then the Hearing Panel will review the request for an extended stay and notify the Company of its conclusion as soon as is practicable, but in any event no later than 15 calendar days following the deadline to request a further stay.
On November 28, 2023, the Company requested an appeal to the Hearing Panel.
The Company is working to satisfy the Nasdaq's requirements in a timely manner. However, there can be no assurance that the Company will regain compliance with the Rule or maintain the listing of its common stock on the Nasdaq. If the Company's common stock ceases to be listed for trading on The Nasdaq Capital Market, the Company would expect that its common stock would be traded on one of the three tiered marketplaces of the OTC Markets Group.
Posted In: WTER
