Stran & Company, Inc., an advertising agency based in Quincy, Massachusetts, is facing delisting from The Nasdaq Stock Market LLC due to non-compliance with the exchange's listing rules. The company, which trades under the ticker symbols NASDAQ:SWAG for its common stock and NASDAQ:SWAGW for its warrants, received a notice from Nasdaq on January 10, 2025, indicating it had not held an annual stockholders' meeting within twelve months of the fiscal year-end, violating Nasdaq Listing Rule 5620(a).
This issue adds to the company's ongoing challenges with Nasdaq, which previously included a Staff delisting determination on December 17, 2024, due to Stran & Company's failure to file its Quarterly Reports on Forms 10-Q for the periods ending March 31, June 30, and September 30, 2024. The company was given until December 16, 2024, to regain compliance but failed to meet the deadline.
Stran & Company requested a hearing before a Nasdaq Hearings Panel, which was granted an automatic stay of the delisting until January 10, 2025. The outcome of the hearing, including whether an extended stay or additional extension will be granted, remains uncertain. The Panel's decision will be announced following the hearing.
The company's non-compliance with Nasdaq's filing rule and the failure to hold an annual meeting raise concerns about its governance practices and could potentially impact its stock market listing status. As the situation develops, Stran & Company has committed to providing further updates. This information is based on the company's recent SEC filing.
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