Brüush Oral Care Inc. Announces Receipt of Notice from Nasdaq Regarding the Determination of Delisting
VANCOUVER, BC / ACCESSWIRE / July 26, 2023 / Bruush Oral Care Inc. (NASDAQ:BRSH) (the "Company"), today announced that it has received a notice ("Notice") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market ("Nasdaq") on July 20, 2023. The Notice advised that the Company that its securities will be delisted from Nasdaq in accordance with Listing Rules Listing Rule 5450(a)(1), 5810(c)(3)(A) and 5550(b)(1) (the "Listing Rules").
The Notice indicated that unless the Company appeals the delisting determination, which it intends to do, trading of the Company's common stock will be suspended at the opening of business on July 31, 2023, and a Form 25-NSE will be filed with the U.S. Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq. The Notice stated that the Company may appeal Staff's determination to a Hearings Panel (the "Panel") pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The Company intends to request an appeal of the delisting determination to the Panel. The Company is working expeditiously on a plan to present to the Panel in an effort to regain compliance with the Listing Rules.
As previously disclosed in its Form 6-Ks, furnished with the SEC on January 26, 2023 and March 21 2023, the Company received a letter from the Staff notifying the Company that the bid price of its common shares had closed below $1.00 per share for 30 consecutive business days and did not comply with Nasdaq Listing Rule 5450(a)(1). In addition, the Company also disclosed that on March 16, 2023, it received written notice that based on the Company's stockholders' equity, as reported in the Company's Annual Report on Form 20-F, the Company did not meet the minimum stockholders' equity requirement, or the alternatives of market value of listed securities or net income from continuing operations for continued listing on the Nasdaq under Nasdaq Listing Rule 5550(b)(1).
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Bruush Oral Care Inc.
Bruush Oral Care Inc. is on a mission to inspire confidence through brighter smiles and better oral health. Founded in 2018, we are an oral care company that is disrupting the space by reducing the barriers between consumers and access to premium oral care products. We are an e-commerce business with a product portfolio that currently consists of a sonic-powered electric toothbrush kit and brush head refills. We developed the product to make upgrading to an electric brush appealing with three core priorities in mind: (i) a high-quality electric toothbrush at a more affordable price than a comparable electric toothbrush from the competition; (ii) a sleek, countertop-friendly design; and (iii) a convenient brush head refill subscription program that eliminates the frustrating experience of purchasing replacement brush heads at the grocery/drug store. Later this year, we plan to expand our portfolio with the launch of several new subscription-based consumable oral care products, including toothpaste, mouthwash, dental floss, a whitening pen, as well as an electric toothbrush designed for kids. We are rooted in building a brand that creates relevant experiences and content, with the goal of becoming the go-to oral care brand for millennials and Generation Z.
For more information on Brüush visit: https://bruush.com
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Safe Harbor Forward-Looking Statements
This press release of Bruush Oral Care Inc. contains "forward-looking statements". Words such as "may", "will", "could", "should", "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" and other comparable terminology are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses its vision, its strategy, and its products. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there could be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking statements except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statement, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.
Investor Relations Contact:
Colette Eymontt
colette@tradigitalir.com
SOURCE: Bruush Oral Care Inc.
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