As previously disclosed, on December 10, 2018, Smaaash Entertainment Inc. (the Company) received a written notice from Listing Qualifications of The Nasdaq Stock Market LLC (Nasdaq) indicating that the Companys common stock and warrants will be delisted from Nasdaq because the Company has not demonstrated compliance with all of the requirements for initial listing on the Nasdaq Capital Market following the previously announced business combination with Smaaash Entertainment Private Limited.
Specifically, the Company has not demonstrated that its common stock has a market value of publicly held shares of at least $15 million as required by Listing Rule 5505(b)(1). Additionally, the Company has not provided evidence that its common stock has at least 300 round lot holders as required by Listing Rule 5505(a)(3) and that its warrants have at least 400 round lot holders as required by Listing Rule 5515(a)(4).
On December 17, 2018, the Company requested a hearing before the Nasdaq Hearings Panel (the Panel) to appeal the delisting determination from the Nasdaq staff. On December 18, 2018, the Company received a letter from Nasdaq confirming the Panel will consider the Companys appeal at a hearing to be held on January 24, 2019. Therefore, any delisting of the Companys common stock and warrants from Nasdaq has been stayed, pending a final written decision by the Panel.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 19, 2018, Shripal Morakhia tendered his resignation as a director of the Company with immediate effect. Mr. Morakhias resignation was not in connection with any disagreement with the Company on any matter relating to its operations, policies or practices.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 26, 2018
SMAAASH ENTERTAINMENT INC.
/s/ F. Jacob Cherian
Name: F. Jacob Cherian
Title: Chief Executive Officer
makes a similar move, sign up!
Other recent filings from the company include the following:
I-AM CAPITAL ACQUISITION Co just filed a prospectus, suggesting it plans to soon issue some securities - March 31, 2020
I-AM CAPITAL ACQUISITION Co Just Received a Notice of Effectiveness - March 30, 2020
General form for registration of securities under the Securities Act of 1933 - March 24, 2020
I-AM CAPITAL ACQUISITION: Simplicity Esports And Gaming Company Announces Investment By Triton Funds, The Largest Student-Run Fund In The U.S - March 18, 2020