Kalera PLC receives delisting notice

Nasdaq decided to delist the Company’s common stock due to two reasons: the Company failed to file its Form 10-K for the financial year ending December 31, 2022, with the Securities and Exchange Commission (SEC) and Nasdaq, which violated NASDAQ’s Listing Rule 5250(c)(2) for continued listing because Kalera PLC is a public shell under Listing Rule 5101, making the continued listing of its securities unwarranted; and (ii). Moreover, owing to the upcoming delisting of the Company’s common stock, the warrants trading under the symbol KALWW are no longer eligible for listing under Listing Rule 5560(a).

This notice was issued by Nasdaq Listing Rule 5810(b), which requires early notification of the receipt of a Nasdaq delisting determination. This is the voluntary petition for relief under Chapter 11 of Section 11 of the United States Code that Kalera, Inc., an indirect wholly-owned subsidiary of Kalera PLC, filed in the United States Bankruptcy Court for the Southern District of Texas on April 4, 2023.

In November 2022, Kalera faced a delisting notice from Nasdaq due to non-compliance with the minimum bid price requirement. To address this issue and regain compliance, the Company executed a reverse stock split to increase the per-share trading price of its common stock. As a result, the reverse stock split allowed Kalera to maintain its listing status temporarily. Still, the company’s ongoing financial challenges and recent developments, including its subsidiary’s Chapter 11 bankruptcy filing, have led Nasdaq to issue another delisting notice, further complicating the Company’s situation.

Image provided by Kalera PLC

Source: iGrow News

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