HeartCore Enterprises Faces Nasdaq Delisting Notice

HeartCore Enterprises, Inc. (NASDAQ: HTCR) recently received a written notice from the Nasdaq Listing Qualification Department regarding non-compliance with the minimum bid price requirement. The notice, dated October 22, 2024, highlighted that the company was not in line with the $1.00 minimum bid price stipulated in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market.

As per the notification, unless an appeal is made before a Nasdaq Hearings Panel by October 29, 2024, the company’s common stock trading will be suspended starting October 31, 2024. Subsequently, a Form 25-NSE will be submitted to the SEC for the removal of HeartCore’s securities from Nasdaq listing and registration.

HeartCore Enterprises has expressed its intention to promptly appeal this determination. The company intends to present a strategic plan at the Panel hearing aimed at regaining compliance with Nasdaq listing requirements. While the company is evaluating potential responses to the Nasdaq notifications, no definitive decisions have been made as of yet.

The preliminary Q3 2024 results recently announced by HeartCore indicated revenue expectations between $17 million and $19 million. This forecast represents a significant year-over-year increase between 263% and 305%, with projected net income ranging from $9 million to $11 million. Despite the current challenges, the company remains optimistic about its operational capabilities and commitment to creating shareholder value.

Previously, in October 2023, HeartCore received a similar notice regarding non-compliance with the minimum bid price requirement. Despite subsequent extensions provided by the Nasdaq Staff, uncertainties persist regarding the company’s ability to meet the listing criteria.

Headquartered in Tokyo, Japan, HeartCore Enterprises is a prominent enterprise software and consulting services provider, offering Software as a Service (SaaS) solutions globally. The company’s offerings include customer experience management platforms, digital transformation services, and IPO consulting for Japanese firms planning U.S. listings.

Investors are cautioned that forward-looking statements made by HeartCore Enterprises carry inherent risks and uncertainties. These statements involve various factors that could lead to actual results differing from the expressed expectations. The company advises diligence and discretion when interpreting these forward-looking statements.

For further information, interested parties can refer to the exhibit 99.1 attached to the recent SEC filing by HeartCore Enterprises.

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

HeartCore Enterprises Company Profile

HeartCore Enterprises, Inc, a software development company, provides Software as a Service solutions to enterprise customers in Japan and internationally. Its customer experience management platform includes marketing, sales, service, and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement.