Eric Mosser, current president and chief operating officer of Bidi Vapor distribution company Kaival Brands Innovations Group (Kaival Group), has been promoted to chief executive officer. After the promotion, Mercer will continue to serve as president. The company also named Thomas J.Metzler as its new chief Financial Officer, treasurer and secretary, succeeding Mark Thoenes, who has served as interim chief Financial Officer since 2021.
Metzler will focus on maximizing inventory turnover and driving revenue growth, developing and monitoring KPIs and controlling costs. Metzler also has experience in mergers and acquisitions and post-acquisition integration, which he will bring to the evaporator and inhalation patent portfolio that Kaival acquired in May 2023.
Following the expiration of the initial 180-day period to regain compliance on July 31, 2023, the Nasdaq Stock Market has granted Kaival Brands an additional 180 days to regain compliance with NASDAQ’s $1 Minimum Bid Price rule requirements under the Nasdaq Listing Rules.
Nasdaq’s action came after Kaival Brands submitted a plan to Nasdaq to regain compliance with bid price rules.
As a result of the extension, Kaival Brands now has until January 29, 2024 to return to compliance with the $1.00 minimum bid rule requirement.
If at any time prior to January 29, 2024, the offer price for Kaival Brands common stock closes at $1 or more per share for at least 10 consecutive business days, Nasdaq will provide Kaival Brand with written notice that the offer price requirements have been met.
If Kaival Brands elects to implement a reverse stock split to restore compliance with the Bid Price rule, the reverse split must be completed within 10 business days prior to the expiration of the additional 180-calendar day period in order to restore compliance in a timely manner.
References:
[1] CEO and CFO of Kaival Appoints
[2] NASDAQ Grants Kaival Extension