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Highlights
- Equity Shortfall: Perfect Moment Ltd. reported stockholders' equity of $2.7 million, falling short of the $4.0 million required by NYSE American listing standards.
- Plan Submission Deadline: The company has until January 10, 2025, to submit a compliance plan outlining steps to meet listing requirements by June 11, 2026.
- No Immediate Impact: The notification does not affect the company's current listing, trading, or operations.
Perfect Moment Ltd. (NYSE American:PMNT), a luxury skiwear and lifestyle brand, has received a notification from NYSE American LLC stating that the company is not in compliance with the minimum stockholders’ equity requirements outlined in Section 1003(a)(ii) of the NYSE American Company Guide.
As of September 30, 2024, Perfect Moment reported stockholders’ equity of $2.7 million, below the required $4.0 million. Additionally, the company has reported net losses in three of the last four fiscal years, including the most recent fiscal year ended March 31, 2024.
Compliance Plan Submission
Under Section 1009 of the Company Guide, Perfect Moment must submit a plan (the "Plan") to the NYSE American by January 10, 2025, detailing the actions it will take to regain compliance with the continued listing standards by June 11, 2026.
If the NYSE American accepts the Plan, the company will retain its listing during the compliance period, subject to quarterly monitoring and periodic reviews. However, if the Plan is not accepted, delisting procedures will be initiated, though the company reserves the right to appeal any delisting determination.
Business and Trading Status Unaffected
The receipt of the non-compliance notification does not have any immediate effect on the listing or trading of Perfect Moment’s common stock. The company emphasized that the notification also does not impact its business operations, customer commitments, or reporting requirements with the U.S. Securities and Exchange Commission (SEC).
Path Forward
Perfect Moment has indicated its intention to submit a compliance plan within the required timeline and remains focused on meeting the NYSE American listing standards.
