Nuvini received a Nasdaq delisting notice and has appealed, seeking to maintain its stock listing while resolving compliance issues.
Quiver AI Summary
Nvni Group Limited (Nasdaq: NVNI) announced on November 15, 2024, that it received a determination letter from Nasdaq indicating non-compliance with listing rules due to its failure to file the Annual Report on Form 20-F for the fiscal year ending December 31, 2023. In response, the company has appealed the delisting determination, which temporarily halts the suspension of its securities for 15 days. Nuvini is working to file the overdue report with the SEC promptly and plans to request an extended stay to keep its ticker symbol active during the appeal process. The determination does not affect the company's operations or reporting obligations, and Nuvini is committed to resolving the issue and keeping shareholders updated on its listing status.
Potential Positives
- The company has submitted a timely appeal to the Nasdaq Hearings Panel, demonstrating proactive engagement with regulatory requirements.
- The automatic stay of suspension for 15 days allows Nuvini to continue trading while the appeal process is underway, providing stability for shareholders.
- Nuvini is actively working to complete and file its 2023 Annual Report, indicating commitment to fulfilling its reporting obligations and regaining compliance.
Potential Negatives
- The company has received a Determination Letter from Nasdaq indicating non-compliance with listing rules, which raises concerns about its financial reporting practices.
- There is no assurance that the appeal to retain its listing will be successful, potentially leading to delisting from Nasdaq.
- The failure to file the 2023 Annual Report may affect investor confidence and the company's reputation in the market.
FAQ
What was the Determination Letter from Nasdaq about?
The Determination Letter states that Nvni Group is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to the failure to file its 2023 Annual Report.
How is Nvni Group responding to the Nasdaq delisting notice?
Nvni Group has filed a timely appeal to the Nasdaq Hearings Panel and is requesting an extended stay for its securities.
Will Nvni Group continue to operate normally despite the delisting notice?
Yes, the Determination Letter does not impact Nvni Group's business operations or its SEC reporting obligations.
What is the status of Nvni Group's 2023 Annual Report?
Nvni Group is actively working to complete and file its 2023 Annual Report with the SEC as soon as possible.
What is Nuvini's primary business focus?
Nuvini is focused on acquiring profitable B2B SaaS businesses with recurring revenue and growth potential in Latin America.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$NVNI Hedge Fund Activity
We have seen 1 institutional investors add shares of $NVNI stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HRT FINANCIAL LP removed 34,786 shares (-100.0%) from their portfolio in Q3 2024
- BLACKROCK, INC. added 7,016 shares (+inf%) to their portfolio in Q3 2024
- POLAR ASSET MANAGEMENT PARTNERS INC. removed 1,375 shares (-7.7%) from their portfolio in Q3 2024
- TOWER RESEARCH CAPITAL LLC (TRC) removed 51 shares (-100.0%) from their portfolio in Q3 2024
- GEODE CAPITAL MANAGEMENT, LLC added 0 shares (+0.0%) to their portfolio in Q3 2024
- MORGAN STANLEY added 0 shares (+0.0%) to their portfolio in Q2 2024
- SOLTIS INVESTMENT ADVISORS LLC added 0 shares (+0.0%) to their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Nvni Group Limited (Nasdaq: NVNI) (“Nuvini”) today announced that it has received a staff determination letter (the “Determination Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on November 12, 2024. The Determination Letter states that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the “2023 Annual Report”).
On November 15, 2024, the Company submitted a timely appeal of the delisting determination to the Nasdaq Hearings Panel (the "Panel") in accordance with Nasdaq’s procedures. Under Nasdaq Listing Rules, the request for a hearing automatically stays the suspension of the Company’s securities for 15 days. Additionally, the Company intends to request an extended stay, allowing its securities to remain listed and traded under the ticker symbol “NVNI” during the appeal process and any extension period granted by the Panel.
The Company is actively working to complete and file its 2023 Annual Report with the U.S. Securities and Exchange Commission (the “SEC”) as quickly as possible. However, there is no assurance that the Panel will grant the Company’s request for an extended stay or that it will determine the Company has regained compliance with all Nasdaq listing requirements.
The Determination Letter does not impact the Company’s business operations or its reporting obligations with the SEC. Nvni Group remains committed to resolving this matter promptly and keeping its shareholders informed of any updates regarding its Nasdaq listing status.
About Nuvini
Headquartered in São Paulo, Brazil, Nuvini is Latin America's leading acquirer of B2B SaaS businesses. Focused on profitable companies with recurring revenue and growth potential, it fosters an entrepreneurial environment to help its acquisitions deliver mission-critical solutions and achieve industry leadership. Its long-term strategy emphasizes value creation through partnerships with existing management.
For more information, visit www.nuvini.co
For further information or media inquiries regarding this partnership, please contact:
Nuvini Investor and Media Contact
Camilla Carrapatoso
[email protected]
