Bruush Oral Care Inc. (BRSH) is also facing potential delisting from the Nasdaq Stock Market. Here's the situation:
- Non-compliance with Audit Committee Requirements: BRSH has failed to meet audit committee requirements following the resignation of a board member, which has led to the company being notified of the potential delisting by Nasdaq.
- Delisting Appeal and Compliance Plan: BRSH has requested a hearing to appeal the delisting, scheduled for April 25, 2024, and has submitted a compliance plan to regain compliance with Nasdaq's rules. The outcome of the hearing is uncertain.
- Previous Delisting Notices: BRSH has received multiple delisting notices, including one related to the Low Priced Stocks Rule (Nasdaq Listing Rule 5810(c)(3)(A)(iii)), which was triggered by the company's shares having a closing bid price of $0.10 or less for ten consecutive trading days. The company has also failed to maintain a closing bid price of at least $1.00 per share, as required by Nasdaq Listing Rule 5550(a)(2).
In conclusion, BRSH is at risk of delisting due to non-compliance with Nasdaq's audit committee requirements and previous delisting notices related to the bid price. The company has requested a hearing to appeal the delisting and has submitted a compliance plan, but the outcome is uncertain.