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PHOENIX, AZ - SinglePoint Inc. (Cboe BZX: SING), a nonstore retailer, is currently facing potential delisting from the Cboe BZX Exchange due to non-compliance with timely filing requirements. The company failed to submit its quarterly financial report for the period ending June 30, 2024, within the stipulated timeframe.
On Monday, SinglePoint received a Deficiency Notification from the Cboe BZX Exchange, indicating the company did not meet the 5-day grace period deadline for filing its 10-Q report, initially extended after a Form 12b-25 was filed with the SEC on August 15, 2024. This incident marks another instance in a series of compliance failures by SinglePoint, with prior issues documented in Current Reports on Form 8-K filed throughout April, June, and July 2024.
SinglePoint had previously addressed these deficiencies at a hearing before a Hearings Panel on August 8, 2024, seeking an extension for compliance. The outcome of this hearing has not been disclosed by the Cboe BZX Exchange staff.
The company is now required to submit a written response to the latest deficiency by September 3, 2024, at 5 p.m. Eastern Time. SinglePoint has expressed its intention to respond promptly and is actively working to complete and file the overdue Form 10-Q as soon as possible.
In other recent news, SinglePoint Inc. has announced revisions to its financial statements due to discovered accounting errors. The company, in consultation with its independent accounting firm Turner, Stone & Company, has identified discrepancies in inventory and unearned revenues, leading to a decision to restate its financial statements for the year ended December 31, 2023.
In addition, SinglePoint has executed a 1-for-100 reverse stock split, consolidating every 100 shares of existing common stock into one share. This significant change also resulted in a proportionate reduction in authorized shares of common stock.
Furthermore, the company is facing potential delisting from the Cboe BZX Exchange due to failure to meet minimum listing requirements. To address these deficiencies, SinglePoint has filed its Form 10-K and plans to file its Form 10-Q, while also requesting a hearing with the exchange's Hearings Panel.
Lastly, SinglePoint has resolved an outstanding debt with Bucktown Capital, LLC, through an Exchange Agreement, which allowed the company to exchange a promissory note for over a million shares of its common stock. These developments reflect SinglePoint's ongoing efforts to manage its financial obligations and maintain its stock exchange listing.
InvestingPro Insights
As SinglePoint Inc. (Cboe BZX: SING) grapples with potential delisting and compliance issues, recent data from InvestingPro provides a clearer picture of the company's financial health. With a market capitalization of just $0.11M and a concerning revenue decline of 4.69% over the last twelve months as of Q1 2024, the company's challenges appear to be reflected in its financial metrics. The company's stock has experienced a dramatic price total return of -99.99% over the last year, suggesting significant investor caution.
InvestingPro Tips indicate that SinglePoint operates with a significant debt burden and may have trouble making interest payments on its debt, a situation that is exacerbated by its quick cash burn. The stock's oversold status according to the RSI and the low revenue valuation multiple may interest some investors, but these factors should be weighed against the company's high price volatility and poor price performance over the last decade. For those considering this stock, additional insights and tips are available on InvestingPro, with a total of 18 tips to help guide investment decisions.
Investors looking at SinglePoint's future should also note the company's next earnings date scheduled for November 14, 2024. The InvestingPro Fair Value estimate of $0.96 suggests a potential undervaluation of the stock, which currently sits at a previous close price of $0.54. However, given the company's recent performance and regulatory concerns, investors should approach with caution and consider the broader context provided by these insights.
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