SinglePoint faces delisting from Cboe BZX Exchange By Investing.com

SinglePoint Inc. (OTC:SING), a nonstore retailer, has been notified of its impending delisting from the Cboe BZX Exchange, Inc. The company received a notice on Thursday, September 6, 2024, that its request for an extension to demonstrate compliance with the exchange’s continued listing requirements was denied.

Consequently, after the market closed today, the trading of SinglePoint’s common stock was suspended.

The delisting notice follows a series of deficiencies that SinglePoint has previously disclosed in its filings with the SEC. These deficiencies pertained to the Cboe BZX Listing Rules, which the company had failed to meet.

SinglePoint had rectified some of these issues, as reported in its Current Reports on Form 8-K filed earlier in the year. Despite these efforts, the Cboe BZX Hearings Panel upheld the delisting determination.

SinglePoint may appeal the Panel’s decision within 15 days, but an appeal would not delay the suspension of trading. The company has indicated that the delisting would not affect its day-to-day operations.

If the company chooses not to appeal, or if an appeal is unsuccessful, the Cboe BZX will publicly announce the final decision to delist the stock at least 10 days before the delisting becomes effective.

In anticipation of the delisting, SinglePoint expects its common stock to be quoted on the OTC Markets. The company’s management has expressed that they do not foresee the Panel’s decision impacting their business operations or financial condition.

This report contains forward-looking statements that involve risks and uncertainties, as per the Private Securities Litigation Reform Act of 1995.

In other recent news, SinglePoint Inc. faces potential delisting from the Cboe BZX Exchange due to non-compliance with timely filing requirements. The company failed to submit its quarterly financial report for the period ending June 30, 2024, on time, leading to a Deficiency Notification from the Cboe BZX Exchange. SinglePoint is now required to submit a written response to the deficiency by September 3, 2024.

In addition to these compliance issues, SinglePoint has announced revisions to its financial statements due to discovered accounting errors. These discrepancies in inventory and unearned revenues led to a decision to restate the financial statements for the year ended December 31, 2023.

The company also executed a 1-for-100 reverse stock split, consolidating every 100 shares of existing common stock into one share, resulting in a proportionate reduction in authorized shares of common stock.

Furthermore, SinglePoint has resolved an outstanding debt with Bucktown Capital, LLC, through an Exchange Agreement, which allowed the company to exchange a promissory note for over a million shares of its common stock.

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