NASDAQ delists Lucy Scientific, stock is essentially worthless

Despite many attempts to fend off a delisting by the NASDAQ marketplace, on July 1 the exchange showed Lucy Scientific Discovery (LSDIF) the door.

Lucy had been warning investors that the delisting was a possibility since the company had not complied with the requirement that a listed company’s stockholders’ equity be at least $2.5 million. Lucy was also delinquent in filing its quarterly report on Form 10-Q for the period ending March 31, 2024.

The company told shareholders it needed to appeal the delisting determination by May 14th and request a hearing before an independent Nasdaq Hearings Panel to avoid this trading suspension. Lucy submitted its appeal, which stayed the delisting of the Company’s securities on Nasdaq until the hearing was held on June 25, 2024.

The company attended the hearing but was unable to persuade the NASDAQ to keep it. On June 27, 2024, the company said it received notice from Nasdaq that the Panel had determined to delist its common shares. The suspension of trading was effective at the opening of trading on July 1, 2024, and the shares were moved to the OTC Markets Group platform at the opening of trading on July 1, 2024, under the symbol “LSDI.”

However, the stock appears on the OTC Marketplace with the ticker LSDIF and has a listed price of $.0013. The company is also tagged as being delinquent on its securities filings.

No revenue plans

Green Market Report had previously reported that Lucy’s problems kept growing. The company was due to deliver its first-quarter earnings for the period ending in March by May 15, but it was unable to do so. Lucy also informed the market that it wasn’t sure when it would be able to deliver those quarterly earnings. The company’s Chief Financial Officer Brian Zasitko announced on May 3 that he had resigned with an effective date of May 17. In addition to Zastiko resigning, board member Livio Susin resigned as well.

The oath to revenue was also at a dead end. The company’s planned merger with Bluesky Biologicals fell apart in March, which was supposed to be its path to profits. Before that deal, the company said in November 2023 that it surrendered its Controlled Drugs and Substances Dealer’s Licence in Canada which was effective January 2024. In addition to those revenue ideas, the company also told investors it didn’t plan to continue pursuing the development and commercialization of TerraCube.

Lucy said it has a period of 15 days from the date of the notice letter to submit a written request for a review of the Panel’s delisting determination by the Nasdaq Listing and Hearing Review Council.

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