Brera Holdings PLC current report, Q4 FY2023

Brera Holdings PLC — Form 6-K Summary

Business Context and Reporting Period

Brera Holdings PLC, an Irish public limited company and foreign private issuer, filed this Form 6-K for December 2023. The filing reports a Nasdaq continued-listing deficiency concerning the company’s Class B Ordinary Shares.

Financial Metrics and Liquidity

The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial results.

Material Changes and Listing Status

  • On December 4, 2023, Nasdaq notified the company that its Class B Ordinary Shares did not meet the $1.00 minimum closing bid price requirement under Nasdaq Listing Rule 5550(a)(2).
  • The deficiency was based on the shares’ closing bid price during the 30 consecutive business days from October 20 through December 1, 2023.
  • The shares remain listed on the Nasdaq Capital Market at this time, but the company was to be included on Nasdaq’s public list of non-compliant companies.

Outlook, Risks, and Contingencies

  • The company received 180 calendar days, through June 3, 2024, to regain compliance by maintaining a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.
  • The company may qualify for an additional 180-day compliance period if it meets Nasdaq’s market-value-of-publicly-held-shares and other applicable listing requirements.
  • The company may need to provide written notice of its intention to cure the deficiency through a reverse stock split if necessary.
  • If the company does not regain compliance or qualify for the additional period, Nasdaq may issue a delisting determination. The company would then have the opportunity to appeal to a Nasdaq Hearings Panel.
  • Management stated that it intends to monitor the closing bid price and may consider available actions to regain compliance.

Investor Verification Items

  • Verify whether the Class B Ordinary Shares regained the $1.00 minimum bid price by June 3, 2024.
  • Confirm whether Nasdaq granted an additional compliance period or initiated delisting proceedings.
  • Assess any reverse stock split or other corporate action used to address the deficiency.
  • Review subsequent filings for the company’s financial condition, liquidity, and ability to satisfy Nasdaq’s other listing requirements.