Business Context and Reporting Period
This Form 6-K filing by Earlyworks Co., Ltd. (referred to in metadata as Perpetuals.Com Ltd) covers the month of September 2025, with a specific reporting date of September 23, 2025. The filing addresses the Company's ongoing delisting proceedings with the Nasdaq Stock Market LLC regarding compliance with Listing Rule 5550(b)(1), which mandates a minimum stockholders' equity of $2.5 million.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric explicitly referenced is the regulatory threshold for stockholders' equity, which is $2.5 million.
Material Changes and Regulatory Status
- Delisting Determination: On May 2, 2025, Nasdaq notified the Company of a determination to delist its securities due to non-compliance with minimum stockholders' equity requirements.
- Initial Extension: Following a hearing on June 10, 2025, the Nasdaq Hearings Panel granted an exception on June 26, 2025, extending the compliance deadline to September 19, 2025.
- Final Extension: On September 23, 2025, the Company announced receipt of a notice granting a final exception through October 29, 2025. This represents the end of the Panel's discretion in this matter.
Outlook, Risks, and Management Commentary
Management has indicated that if the Company fails to regain compliance with Nasdaq Listing Rule 5550(b)(1) by October 29, 2025, the Panel will be compelled to delist the Company's securities from the Nasdaq Capital Market. The filing contains no forward-looking financial guidance or commentary on operational strategy beyond the immediate regulatory compliance issue.
Investor Verification Checklist
- Verify the Company's current stockholders' equity to determine if it meets the $2.5 million threshold by the October 29, 2025 deadline.
- Confirm the status of the Company's securities trading on Nasdaq following the final extension notice.
- Review the attached press release (Exhibit 99.1) for any additional conditions attached to the final extension.
- Monitor for subsequent filings indicating whether the Company has achieved compliance or initiated delisting procedures.