tw0122
4 months ago
On February 2, 2024, the Company received written notice from Nasdaq stating that because the Company did not regain compliance with the Bid Price Rule by January 29, 2024, Nasdaq would commence delisting proceedings on the Company at the opening of business on February 13, 2024.
As of the close of trading on February 7, 2024, as a result of the Reserve Stock Split, the Common Stock had closed at above $1.00 for ten consecutive trading days. As a result, on February 8, 2024, the Company received written notice from Nasdaq stating that the Company has regained compliance with the Bid Price Rule and the matter is now closed. The Common Stock will continue to trade on Nasdaq, subject to the Company’s compliance with Nasdaq’s listing rules.
goingupnow0
4 months ago
Hey BB , what you make of this? They filed an extension today.
(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
THEY CHECK OFF YES!!!
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
For the year ended October 31, 2023, the Company anticipates that it will report a significant decrease in net loss attributable to common stockholders for the corresponding period in its previous fiscal year. At the time of the filing of this Form 12b-25, the Company anticipates that it will report a net loss that is approximately 25% less than its net loss reported for the year ended October 31, 2022 due to reduced general and administrative expenses and reduced cost of revenues. The Company cautions, however, that this estimation of net loss for the year ended October 31, 2023 is preliminary and subject to change, possibly materially, following the completion and review of the Company’s financial statements.
Louied91
4 months ago
$KAVL Kaival Brands Partner Bidi Vapor to Contest FDA Denial of ‘Classic’ Tobacco-Flavored ENDS
https://www.globenewswire.com/news-release/2024/01/29/2818885/0/en/Kaival-Brands-Partner-Bidi-Vapor-to-Contest-FDA-Denial-of-Classic-Tobacco-Flavored-ENDS.html
MDO applies only to one Bidi device, ten other flavors still in PMTA process
Kaival Brands remains focused on driving revenue and platform diversification
GRANT-VALKARIA, Fla., Jan. 29, 2024 (GLOBE NEWSWIRE) -- Kaival Brands Innovations Group, Inc. (NASDAQ: KAVL) ("Kaival Brands," the "Company" or "we,” “our” or similar terms), a company focused on incubating and commercializing innovative products into mature and dominant brands, with a current focus on the distribution of electronic nicotine delivery systems (ENDS), which are intended for adults 21 and over, today announced that its licensor and commercial partner, Bidi Vapor LLC (Bidi Vapor), will appeal the U.S. Food and Drug Administration’s (FDA) decision to deny Bidi Vapor’s premarket tobacco product application (PMTA) for Bidi Vapor’s “Classic” tobacco-flavored BIDI® Stick ENDS device. Kaival Brands holds the worldwide license to distribute products made by Bidi Vapor.
On Monday, January 22, 2024, the FDA issued a marketing denial order (MDO) for Bidi Vapor’s “Classic” BIDI® Stick PMTA. Importantly, this decision did not involve the ten PMTAs for Bidi Vapor’s non-tobacco flavored devices which are still under the FDA’s scientific review. Those ten products remain available for sale through Kaival Brands, subject to FDA’s enforcement discretion.
In response to the MDO, on Friday, January 26, 2024, Bidi Vapor filed a petition requesting that the U.S. Court of Appeals for the Eleventh Circuit review the MDO, which Bidi Vapor believes was, among other things, arbitrary and capricious, in violation of the Administrative Procedure Act. Bidi Vapor will also be seeking a stay of the MDO pending the outcome of the litigation.
“Bidi Vapor disagrees with the FDA’s decision and is taking immediate action accordingly,” said Niraj Patel, the Founder & Chief Executive Officer of Bidi Vapor, who is also the Chief Science Officer & Founder of Kaival Brands. “In the meantime, it is important to note that the decision only affects the ‘Classic’ or tobacco-flavored BIDI® Stick. The remaining ten BIDI® Stick flavors are still under FDA scientific review and remain in distribution in the United States through Kaival Brands, subject to the FDA’s enforcement discretion.”
Bidi Vapor has a history of successful outcomes when contesting adverse FDA decisions, having received a favorable Eleventh Circuit ruling in August 2022 that set aside the original MDOs received for its ten non-tobacco flavored products. That ruling put the ten PMTAs back into scientific review and allowed those flavors to remain available for sale pursuant to the FDA’s compliance policy for deemed tobacco products. During this evaluation period, the ten non-tobacco flavored products are still under FDA enforcement discretion.
“While we are disappointed with the FDA’s decision, we are in close contact with Bidi Vapor and laser focused on selling the Bidi Vapor products that we are permitted to,” said Barry M. Hopkins, Executive Chairman of Kaival Brands. “Like Bidi Vapor, we are fully committed to the legal and responsible use of our products. Moreover, we are committed to increasing Kaival Brands’ revenues by strengthening our existing business and also diversifying our product portfolio, as evidenced by the intellectual property we acquired in May 2023 from GoFire, Inc. We look forward to providing progress updates on our initiatives over the course of 2024.”
goingupnow0
5 months ago
:16 EST KAVL
Kaival Brands announces 1-for-21 reverse stock split
Kaival Brands Innovations Group announced that it is effecting a 1-for-21 reverse stock split of its issued and outstanding common stock, effective with the opening of trading on Thursday, January 25, 2024. Kaival Brands' Common Stock will continue to trade on the Nasdaq Capital Market under the symbol "KAVL". The new CUSIP number for the Common Stock following the Reverse Stock Split will be 483104402. The Reverse Stock Split was approved by the Board of Directors of the Company and Kaival Holdings,, a Delaware limited liability company, which is the holder of approximately 68.64% of the Company's outstanding Common Stock. Kaival Holdings LLC is co-managed by Nirajkumar Patel, the Chief Science & Regulatory Officer and director of the Company.
subslover
6 months ago
On December 1, 2023, the Company repaid all amounts due and owing under the Note in full, in an aggregate amount, including accrued interest, equal to $650,180.56. In connection with the repayment of the Note, the Company agreed that the Purchaser would be permitted to retain all of the Commitment Fee Shares. Under the SPA, the Company originally had the right to repurchase half of the Commitment Fee Shares if the Note was repaid in full prior to maturity. As a result of the repayment of the Note, the Company will have no further payment or other obligations to the Purchaser in connection with the Note or any agreements or instruments entered into in connection with the Note. The Company obtained the funds necessary to repay the Note through the financial obligations entered into as described in Item 2.03.