ConnectM Technology Solutions plans to appeal Nasdaq delisting notice
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ConnectM Technology Solutions is located at 2 Mount Royal Ave. in Marlborough.
One of Central Massachusetts’ fastest growing companies has received notice it will be removed from the Nasdaq stock market.
ConnectM Technology Solutions, a Marlborough-based green energy technology firm, received a delisting notice for failure to meet the $50-million market value required of listed securities, according to a Wednesday press release from the company.
ConnectM intends to request an appeal before the Nasdaq panel with the hearing request temporarily suspending its delisting, it said in the release
"ConnectM has received a routine procedural notice from Nasdaq, which we are actively addressing through the exchange’s established appeal process. We have engaged Donohoe Advisory, preeminent experts in compliance matters, and will timely request a hearing to present our plan to regain adherence to Nasdaq’s requirements. Importantly, this notification does not affect our operations, customer relationships, or strategic execution. We expect to resolve this matter within the standard timeline provided by Nasdaq and remain steadfast in delivering value to our shareholders, employees, and partners as we advance our long-term vision," Nayeem Hussain, ConnectM president of corporate development, said in an email to WBJ.
The technology firm originally received notice of its failure to comply on Sept. 4 based on the firm’s market value for 30 consecutive business days prior, according to a Sept. 10 filing with the U.S. Securities and Exchange Commission. At the time, the notice had no immediate effect and ConnectM was given 180 calendar days, or until March 3, to regain compliance by closing at $50 million or more for at least 10 consecutive business days within that timeframe. The company was notified if it did not meet compliance, its securities will be subject to delisting.
On March 7, ConnectM was informed that it had not met necessary compliance requirements, and thus, its common stocks would be suspended starting at the opening of business on March 18 and a form would be filled with the commission to delist its securities if the company did not request a hearing by Friday.
Reporting an over-the-year growth of 3,078%, ConnectM was named the second fastest-growing company in Central Massachusetts and 104th in the country on Inc. magazine’s 2024 annual list of the nation’s 5000 fastest-growing companies.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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