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TOKYO, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Earlyworks Co., Ltd. (NASDAQ:ELWS) (the "Company" or "Earlyworks"), a Japanese company operating its proprietary private blockchain technology, Grid Ledger System ("GLS"), today announced that it has received a decision from the Nasdaq Hearings Panel (the "Panel") granting the Company a final extension through October 29, 2025, to regain compliance with the continued listing requirements for the Nasdaq Capital Market.
As previously disclosed, the Company had received a determination letter dated May 2, 2025 from the Nasdaq Listing Qualifications Department ("Nasdaq"), indicating that the Company did not regain compliance with Nasdaq Listing Rule 5550(b)(2), which requires listed companies to maintain a minimum market value of listed securities of $35 million. The Company requested a hearing before the Panel and informed Nasdaq of its intent to pursue compliance through an alternative standard under Nasdaq Listing Rule 5550(b)(1), which requires a minimum stockholders' equity of $2.5 million (the "Equity Rule"). On June 26, 2025, the Company announced the receipt of a notice from Nasdaq, notifying the Company that the Panel had determined to grant an exception to the Company through September 19, 2025, to regain compliance with the Equity Rule, subject to certain conditions. On September 18, 2025, the Company submitted a request to the Panel noting the progress that had been made in the Company's compliance plan as well as the need for additional time to complete the compliance plan.
In response, the Panel has determined to grant the Company's request for a final extension through October 29, 2025, representing the end of the Panel's discretion in this matter. During this time, the Company will continue to work toward completing its equity financing initiatives and regaining full compliance with Nasdaq's continued listing standards. If the Company is unable to regain compliance with the Nasdaq's Listing Rules by that date, the Panel will delist the Company's securities from the Nasdaq.
The Company's American Depositary Shares (ADSs) will remain listed and eligible for trading on the Nasdaq Capital Market during this extension period
Posted In: ELWS
