Kaspien Holdings Inc. to Voluntarily Delist from Nasdaq Capital Market

Kaspien Holdings Inc., a leading e-commerce marketplace growth platform, announced on May 22, 2023, its decision to voluntarily delist its common stock from The Nasdaq Capital Market. The company intends to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) on or about June 1, 2023, which will result in the delisting of its common stock becoming effective on or about June 12, 2023. Kaspien plans to have its common stock quoted on the OTCQB or another OTC market operated by OTC Markets Group Inc. The company is not taking steps to deregister as a public company under the Securities Exchange Act of 1934.

Key Takeaways:

Kaspien Holdings Inc. will voluntarily delist its common stock from The Nasdaq Capital Market on or about June 12, 2023.
The company intends to file a Form 25 with the SEC on or about June 1, 2023.
Kaspien's common stock will be quoted on the OTCQB or another OTC market operated by OTC Markets Group Inc.
The Company is not taking steps to deregister as a public company under the Securities Exchange Act of 1934.
The decision to delist was made after careful evaluation of the options available to the company, considering factors such as compliance with Nasdaq listing rules and costs associated with maintaining listing.
Kaspien's board of directors believes that delisting provides the company and its stockholders lower operating costs and management time commitment.

Statistics:

The delisting of Kaspien's common stock is expected to become effective on or about June 12, 2023.
The company expects to file a Form 25 with the SEC on or about June 1, 2023.
Kaspien's common stock will be quoted on the OTCQB or another OTC market operated by OTC Markets Group Inc.
The company has received written notices from Nasdaq that it was not in compliance with the minimum bid price and minimum stockholders' equity requirements.

Sources:

"Kaspien Holdings Inc. (KSPN)" press release, dated May 22, 2023 (https://www.prnewswire.com/news-releases/kaspien-holdings-inc-kspn-notifies-nasdaq-of-intent-to-delisting-common-stock-301565546.html)