AMMO, Inc. received a deficiency notification letter from The Nasdaq Stock Market LLC on November 20, 2024. The notice indicated that the company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
The delay in filing the Form 10-Q is a direct consequence of an ongoing independent investigation. This investigation is being conducted by a law firm retained by a Special Committee of the Board of Directors, examining various financial and accounting matters.
The company has until January 21, 2025, to submit a plan to regain compliance with the Listing Rule. If Nasdaq accepts the plan, it has the discretion to grant an exception of up to 180 calendar days, or until May 19, 2025, to achieve compliance.
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