Brüush Receives Nasdaq Delisting Notification and Files to Appeal
VANCOUVER, BC / ACCESSWIRE / March 1, 2024 / Bruush Oral Care Inc. (NASDAQ:BRSH) (the “Company”), today announced that it has received a notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market, LLC (“Nasdaq”) on February 27, 2024 notifying the Company of Nasdaq’s determination to delist the Company’s common shares from The Nasdaq Capital Market because the Company’s common shares had a closing bid price of $0.10 or less for ten consecutive trading days as of February 26, 2024, which triggered a notice of delisting pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”).
In addition to the Low Priced Stocks Rule delisting notice, as previously reported, the Company also currently fails to satisfy the requirement that the closing bid price of its common shares remain at $1.00 or higher, as required by Nasdaq Listing Rule 5550(a)(2), and had received a notice from Nasdaq in that regard on November 15, 2023.
The Notice stated that the Company may appeal the Staff’s determination to a Hearings Panel (the “Panel”) pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. On February 28, 2023, the Company requested a hearing before the Panel. The hearing has been scheduled for April 25, 2024.
The hearing process automatically stays the suspension of the Company’s common shares pending the Panel’s decision and the expiration of any additional extension period granted by the Panel following the hearing. At the hearing, the Company intends to present a plan to regain compliance with the applicable rules for continued listing. There can be no assurance as to the decision of the Panel.
The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including a reverse share split, to regain compliance with the Nasdaq Listing Rules for continued listing on Nasdaq.
About Bruush Oral Care Inc.
Bruush Oral Care Inc. is on a mission to inspire confidence through brighter smiles and better oral health. Founded in 2018, Brüush is an oral care company that is disrupting the space by reducing the barriers between consumers and access to premium oral care products. The Company is an e-commerce business with a product portfolio that currently consists of a sonic-powered electric toothbrush kit and brush head refills. Brüush has developed a product to make upgrading to an electric brush appealing with three core priorities in mind: (i) a high-quality electric toothbrush at a more affordable price than a comparable electric toothbrush from the competition; (ii) a sleek, countertop-friendly design; and (iii) a convenient brush head refill subscription program that eliminates the frustrating experience of purchasing replacement brush heads at the grocery/drug store. The Company is rooted in building a brand that creates relevant experiences and content, with the goal of becoming the go-to oral care brand for millennials and Generation Z.
For more information on Brüush visit: https://bruush.com
Safe Harbor Forward-Looking Statements
This press release of Bruush Oral Care Inc. contains “forward-looking statements”. Words such as “may”, “will”, “could”, “should”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and other comparable terminology are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses its vision, its strategy, and its products. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there could be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking statements except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statement, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.
Contact: support@bruush.com
SOURCE: Bruush Oral Care Inc.
View the original press release on accesswire.com
