Scienture Holdings, Inc. Faces Non-Compliance Issue with Nasdaq Listing Rule

On January 3, 2025, Scienture Holdings, Inc. (NASDAQ: SCNX) received a written notice from The Nasdaq Stock Market LLC indicating that the company was not in compliance with Nasdaq Listing Rule 5620(a). This non-compliance arose due to the company failing to hold an annual meeting of stockholders in 2024 within one year of the 2023 fiscal year end. To rectify this situation, Scienture has until February 18, 2025, to submit a plan to regain compliance. If the plan is accepted by Nasdaq, the company may be granted an extension until June 30, 2025, to regain compliance for continued listing.

In response to this notice, Scienture Holdings intends to promptly schedule an annual meeting of shareholders to fulfill the Nasdaq Listing Rule requirements. The company will provide further details on the meeting’s date in due course and plans to file a proxy statement with the Securities and Exchange Commission for the meeting.

Despite this non-compliance issue, Scienture Holdings believes it will be able to timely regain compliance with Nasdaq’s listing requirements. However, there is no guarantee that the company will successfully comply with Nasdaq Listing Rule 5620(a) or other Nasdaq listing criteria.

Additionally, Scienture Holdings disclosed information in a current report related to an investor presentation intended for various meetings with analysts, potential investors, and other interested parties. The company clarified that the information presented should be seen in conjunction with its SEC filings and public announcements. While the presentation may be updated in the future to reflect subsequent events, Scienture disclaims any obligation to do so.

Furthermore, the company corrected certain disclosures from a previous report filed in October 2023 to provide clarity on the parties involved in a Supplier Agreement. It was clarified that actions related to the Supplier Agreement were likely taken by representatives of a former company subsidiary without proper authorization from the company’s management or Board of Directors.

Investors should note that forward-looking statements in the presentation are subject to risks and uncertainties as outlined in Scienture Holdings’ SEC filings. These filings are available on the SEC’s website for further examination.

For further details and updates, interested parties can refer to the company’s recent Form 8-K filing with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Scienture’s 8K filing here.

About Scienture

TRxADE HEALTH, Inc operates as health services IT company. It offers an online web-based buying and selling platform for licensed pharmaceutical wholesalers to sell brand, generic, and non-drug products and services to government organizations, hospitals, clinics and independent pharmacies. TRxADE HEALTH, Inc is headquartered in Tampa, Florida.