Greenlane Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1)

BOCA RATON, FL / ACCESSWIRE / May 23, 2024 / Greenlane Holdings, Inc. ("Greenlane" or the "Company") (NASDAQ:GNLN), one of the largest global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced that on May 21, 2024, it received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it was not in compliance with requirements of Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, with the Securities and Exchange Commission ("SEC"). On May 16, 2024, the Company filed a Form 12b-25 Notification of Late Filing with the SEC related to the Form 10-Q.

As previously reported, on April 18, 2024, the Company received a letter from the Listing Qualifications Department of Nasdaq notifying the Company that it was not in compliance with requirements of the Listing Rule as a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, with SEC (the "Form 10-K").

The May 21, 2024 notification has no immediate effect on the listing of the Company's common stock on the Nasdaq. However, if the Company fails to timely regain compliance with the Listing Rule, the Company's common stock will be subject to delisting from Nasdaq.

Under the Nasdaq rules, the Company has 60 calendar days from the due date of the Form 10-K, or until June 17, 2024, to submit to Nasdaq a plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for filing the Form 10-K and the Form 10-Q to regain compliance. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

The Company is working diligently to file its Form 10-K and the Form 10-Q as soon as possible. However, there can be no assurance that the Company will be able to make such filings within the 60-day period, in which case the Company intends to submit a plan with Nasdaq to regain compliance with the Listing Rule.

About Greenlane Holdings, Inc.

Founded in 2005, Greenlane is a premier global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products to thousands of producers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate as a powerful family of brands, third-party brand accelerator, and an omnichannel distribution platform.