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Regina, Saskatchewan--(Newsfile Corp. - March 26, 2025) - Above Food Ingredients Inc. (NASDAQ: ABVE) ("Above Food" or the "Company"), a leader in sustainable, vertically integrated food systems, today announced that it received a staff determination notice on February 25, 2025, from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that due to its delay in filing its form 6-K for the period ended July 31, 2024, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(2), which requires that the Company submit on a Form 6-K an interim balance sheet and income statement as of the end of its second quarter, no later than six months following the end of the Company's second quarter.
The filing of this 6-K was delayed in order to accommodate the positive impacts the recently announced strategic restructuring and successful fundraise is expected to have on the financial reporting and outlook of the Company.
Under Nasdaq rules, the Company has 60 calendar days from receipt of the notice to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rule (the "Compliance Plan"). If the Company submits a Compliance Plan, and Nasdaq accepts the Compliance Plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date, or until July 30, 2025, to regain compliance.
The recent restructuring and capital raise by the Company have significantly improved the Company's financial position through the substantial elimination of debt from the balance sheet and its transition towards profitability. The Company intends to use a portion of the proceeds from this recently announced financing to complete the filing of the Form 6-K within the 60-day period and will be well capitalized to execute on the Compliance Plan.
The Notice has no immediate effect on the listing of the Company's common shares on the Nasdaq Capital Market. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Above Food Ingredients Inc.
Above Food Ingredients Inc. (NASDAQ: ABVE) is an ingredient company that delivers products made with real, nutritious, flavourful ingredients produced with transparency. The Company's vision is to create a healthier world — one seed, one field, and one bite at a time. With a robust chain of custody of plant proteins, enabled by scaled operations and infrastructure in primary agriculture and processing, and proprietary seed development capabilities that leverage the power of artificial intelligence-driven genomics and agronomy, the Company delivers nutritious foods to businesses and consumers with traceability and sustainability.