Company: HSDTW
Filing Date: 2025-02-07
Form Type: 8-K
Source: 0001558370-25-000717
Chunk: 0

Company: Solana Co
Filing Date: 2025-02-07
Form: 8-K
Item: Item 3.01
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Item 3.01

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As previously reported, on August 9, 2024, Helius Medical Technologies, Inc. (the “ Company”) received a letter (the “ Bid Price Deficiency Notice”) from the Listing Qualifications Department (the “ Staff”) of the Nasdaq Stock Market (“ Nasdaq”) notifying the Company that, because the closing bid price for its common stock had been below $1.00 per share for 30 consecutive trading days, it was not compliant with Nasdaq Marketplace Rule 5550(a)(2) (the “ Minimum Bid Price Requirement”). In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from August 9, 2024, or until February 5, 2025, to regain compliance with the Minimum Bid Price Requirement.

On February 7, 2025, the Company received a letter from the Staff indicating the Company’s continued non-compliance with the Minimum Bid Price Requirement. The letter further informed the Company that the Company’s common stock would be delisted from The Nasdaq Capital Market unless the Company appeals the Staff’s delisting determination by requesting a hearing before the Nasdaq Hearings Panel (the “ Panel”). The Company’s request for a hearing will stay any further delisting action by the Staff pending the ultimate outcome of the hearing. The Company’s common stock will remain listed and eligible for trading on Nasdaq at least pending the ultimate conclusion of the hearing process.

The Company intends to timely request a hearing before the Panel to appeal the determination by the Staff, and to present its plan to regain and sustain compliance with the Minimum Bid Price Requirement.

There can be no assurance that the Company will ultimately regain compliance and remain listed on Nasdaq.

Item 5.08Shareholder Director Nominations.