Stock will continue to trade on Nasdaq beyond November 21, 2022
CHICAGO, IL / ACCESSWIRE / November 17, 2022 / Cosmos Holdings d/b/a Cosmos Health, Inc. ("the Company") (NASDAQ:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, today announced that on November 10, 2022, Cosmos Holdings received a non-compliance letter from the Nasdaq Stock Market for its failure to maintain a minimum closing bid price of $0.10 per share for ten (10) consecutive business days in accordance with Nasdaq Listing Rule 5810(c)(3)(A)(ii).
Pursuant to a prior non-compliance letter from Nasdaq dated July 26, 2022, the Company had until January 23, 2023, to regain compliance by the closing bid price of the Company's common stock being at least $1.00 per share for ten (10) consecutive trading days. The Staff has determined to suspend trading of the Company's securities on November 21, 2022 and delist the Company's securities. However, the Company has requested an appeal of the delisting determination by requesting a hearing to stay the automatic suspension of the Company's securities on November 21, 2022, and the filing of a Form 25-NSE with the SEC to remove the Company's securities from listing and registration on the Nasdaq Stock Market. Although there is no assurance, the Company expects that the shareholder proposal at its scheduled December 2, 2022, Annual Shareholders Meeting, for which a quorum has been obtained, to provide the Board of Directors with the discretion to effect a reverse stock split, will enable the Company to regain compliance with Nasdaq's minimum bid-price requirement for continued listing on the Nasdaq Capital Market.
Greg Siokas, Chief Executive Officer of Cosmos Health, said, "We have requested a hearing with Nasdaq to address this issue. By virtue of that request our stock will continue to trade on the Nasdaq exchange beyond November 21, 2022. We are taking all the necessary steps to remedy this situation and to maintain our Nasdaq listing for the benefit of our loyal shareholders."
About Cosmos Health, Inc.
Cosmos Health Inc. (Nasdaq: COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products "Sky Premium Life" and "Mediterranation." Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprietary complex generics and innovative OTC products. Cosmos has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Health has offices and distribution centers in Thessaloniki and Athens, Greece and Harlow, UK. More information is available at www.cosmosholdingsinc.com and www.skypremiumlife.com.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Lytham Partners, LLC
SOURCE: Cosmos Holdings, Inc.
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