Cantaloupe, Inc., a digital payments and software services provider, has received notification from the Listing Qualifications Department of Nasdaq that it is not in compliance with Nasdaq’s Listing Rule 5250(c)(1). This regulation requires corporations to produce all mandatory periodic financial statements for the U.S. Securities and Exchange Commission (SEC). The business currently has yet to issue its Annual Report on Form 10-K for the fiscal year ended June 30, 2022. This breach puts them in danger of being delisted from the stock market. The management team at Cantaloupe is taking prompt action to submit their Form 10-K to the SEC so as to fulfill Nasdaq’s Listing Rule 5250(c)(1) once more. Neglecting to do so could result in the suspension or expulsion of Cantaloupe securities from the stock market.
Revolutionizing Unattended Retail: Cantaloupe, Inc.
Cantaloupe, Inc. is revolutionizing the unattended retail industry with a unified solution that offers payment processing, logistics, and back-office management services. This cutting-edge technology allows retailers to engage customers, boost sales revenue through digital payments, digital advertising, and loyalty programs while receiving greater control and monitoring of operations, inventory, and more. Cantaloupe’s clients span multiple industries including vending machine companies, micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, and amusement operators.
This notification does not necessarily affect the continued listing of the company’s shares on the Nasdaq, but Cantaloupe must take necessary measures to remain listed on the exchange.
Nasdaq Exchange: Requirements for Listing
In order to be listed on the Nasdaq exchange, publicly traded companies must comply with a mandate known as (1). This includes filing all periodic financial reports with the appropriate regulatory body, such as the SEC via their EDGAR system. Companies are also obliged to supply two copies of these reports to the Nasdaq or send an electronic version to continuedlisting@nasdaq.com. Both documents have to be completed on the same date and time. Furthermore, annual reports containing audited financial statements must also be provided to the Nasdaq.
Complying with Nasdaq Rules: Company Filing Plan
The Company recently received notification from the Nasdaq detailing their deficiency in filing the Form 10-K and given 60 calendar days to submit a plan for regaining compliance. If the plan is accepted, then they may be allowed up to 180 days from the due date of filing the document to rectify any issues. In the event that the plan is not accepted, there is an opportunity to appeal the decision to a Nasdaq Hearings Panel. Thus, in order to avoid this process, the Company is striving to file its Form 10-K within two to three weeks. This action adheres to Nasdaq Listing Rule 5810(b), which necessitates disclosure of any deficiency notifications without delay.
Accurately Forecasting Revenue & Expenses: Essential for Staying Competitive
This release includes statements about Cantaloupe’s expectations for the filing of its Form 10-K. These statements, which are in line with the Private Securities Litigation Reform Act of 1995, are based on the reasonable beliefs of Cantaloupe’s management, along with assumptions and available information. We strongly caution readers to consider all risk factors and other information contained in this release before placing reliance on any of the forward-looking statements made here. As these statements only apply as of the date stated herein, and are subject to change due to a variety of external influences, Cantaloupe is not obligated to provide updates, even if conditions or circumstances alter.
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The outbreak of COVID-19 has caused a surge in unanticipated non-operational costs, diverting much-needed cash resources which may have otherwise been used to meet its business objectives. To remain competitive in the market, Cantaloupe must accurately predict or estimate its future revenue and expenses. Keeping key customers is essential in ensuring its significant sources of income are maintained. As there is a fierce competition for market share, Cantaloupe needs to stay up to date with the latest standards and protocols to maintain its customer base and remain profitable.
Cantaloupe is highly cognizant of the potential impacts that geopolitical conflicts can have on its ability to carry out mergers, acquisitions, and strategic alliances. To protect investors from manipulation and fraud, it is essential that Cantaloupe meets all deadlines for its periodic reporting to the U.S. Securities and Exchange Commission. Moreover, disruptions to systems, security breaches, and technical difficulties could lead to significant delays in customer satisfaction, underscoring the importance of proper risk management. Cantaloupe must be sure to remain informed of any risks present in its SEC filings such as the Annual Report on Form 10-K for the year ended June 30, 2021, and Quarterly Report on Form 10-Q for the period ended September 30, 2021, December 31, 2021, and March 31, 2022.
The bottom line
Cantaloupe is dedicated to providing its readers with forward-looking statements that are precise and factual. Such statements are designed to empower readers to make well-informed decisions. It is essential to note, however, that forward-looking statements are neither assurances of success nor promises that will be fulfilled. Thus, it is not advised for readers to place too much faith in the said statements. Additionally, any updates that Cantaloupe makes to these statements will only be effective from the date of their publication onwards. Consequently, our readers should remain up-to-date with the developments at Cantaloupe.
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