EUDA Health regains Nasdaq compliance on share issue; must file late reports by Aug 4
EUDA Health Holdings said Nasdaq told it on June 13, 2023 that it regained compliance with Listing Rule 5635(c) after CEO Dr. Kelvin Chen agreed to forfeit 271,867 of 850,306 shares issued to him in a loan settlement. Separately, Nasdaq accepted the company's plan to regain compliance with its late-filing rule, provided it files overdue reports by August 4, 2023, or faces possible delisting.
- Chen received 850,306 restricted shares at $1.00 each to settle $850,306 in loans; the issue was priced below the $1.47 prior closing bid, which required shareholder approval.
- Under a June 8, 2023 Supplemental Agreement, Chen forfeited 271,867 shares, leaving an effective issue price of $1.47 per share.
- The company must file its delinquent 10-K and 10-Q by August 4, 2023; failure could lead to a delisting notice and appeal to a Nasdaq Hearings Panel.