NuZee, Inc. Announces NASDAQ-Approved Extension to Restore Nasdaq Listing Rule 5550(b) Compliance From Investing.com

VISTA, California, April 11, 2024 /PRNewswire/ — NuZee, Inc. (NASDAQ: NUZE), a leading co-packing and coffee technology company, today announced that it has been granted an extension to regain compliance with List Rule 5550(b) Nasdaq until June 14, 2024.

ON January 23, 2024, NuZee, Inc. (the “Company”) has received a communication (the “Notice”) from The Nasdaq LLC stock market (“Nasdaq”) hereby informs the Company that it does not comply with the minimum share capital requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain a net worth of at least $2,500,000 (the “Shareholder Capital Requirement).

Pursuant to the Notice, Nasdaq has granted the Company 45 calendar days to submit to Nasdaq a plan to restore compliance. The Company promptly presented its plan.

ON April 9, 2024the Company received a letter from Nasdaq stating that, based on the plan submitted by the Company, Nasdaq has decided to grant the Company an extension of time to regain compliance with Nasdaq Listing Rule 5550(b) until June 14, 2024 (the “Extension Letter”). The Company must provide the SEC and Nasdaq a publicly available report (such as a Form 8-K) that includes, among other things, a description of the completed transaction or event that enabled the Company to meet the net worth requirements for continued listing. After submitting the publicly available report described above, if the Company fails to demonstrate compliance upon submission of the periodic report June 30, 2024 (or the periodic report for September 30, 2024, should Nasdaq decide to grant a further extension), the Company may be subject to delisting. In the event the Company fails to comply with these terms, Nasdaq will provide written notification that its securities will be delisted. At that time, the Company may appeal Nasdaq’s decision List qualifications panel.

The company intends to regain compliance within the applicable grace period.

From NuZee

NuZee, Inc., (NASDAQ: NUZE), is a leading co-packing company for single-serve coffee formats that partners with companies to help them expand into the single-serve and private label coffee category. Providing innovative and sustainable end-to-end solutions with the flexibility and capacity for both small roasters and large global brands, NuZee is revolutionizing the way we enjoy single-serve coffee WE Through the unique branding process, NuZee meets every aspect of your co-packing needs, from sourcing, roasting and blending, to packing and packaging.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the safe harbor provisions under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, NuZee beliefs, plans, goals, objectives, expectations, assumptions, estimates, intentions, future performance, other statements that are not historical facts, and statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” believes”, “seeks”, “estimates” or words of similar meaning. NuZee cautions you that such statements are merely predictions and that actual events or results may differ materially. These statements reflect NuZee current expectations e NuZee does not undertake to update or revise these forward-looking statements except as required by law, even if experience or future changes make it clear that any anticipated results expressed or implied herein or otherwise NuZee declarations will not be implemented. Furthermore, these statements involve risks and uncertainties, many of which go beyond NuZee control, which could cause actual results to differ materially from forward-looking statements. Statements regarding, among other things, the completion of the offering of common stock and potential changes in market conditions constitute forward-looking statements. These risks and uncertainties, many of which are beyond our control, include: NuZee plan to obtain financing for its operations, including financing necessary to develop, manufacture and market its products; the impact on NuZee business from the global COVID-19 crisis; general market acceptance and demand NuZee products; AND NuZee commercialization, marketing and production capabilities and strategy; for description of additional factors that may cause NuZee actual results, performance or expectations differ from any forward-looking statements, please review the information set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of NuZee public relations e NuZee other documents filed with the SEC.