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Investing.com -- Above Food Ingredients Inc. (NASDAQ:ABVE) stock surged 6.7% after the company announced it has received full compliance determination from NASDAQ, meeting all requirements under Listing Rules 5450(b)(3)(C), 5810(c)(3)(A) and 5450(a)(1).
The company regained compliance with the minimum market value of publicly held shares requirement on May 27, 2025, and achieved compliance with the minimum bid price requirement on May 23, 2025, according to the announcement.
This compliance milestone allows Above Food to proceed with its planned strategic merger with Palm Global, which the company expects to complete "in the coming days." The merger is part of Above Food’s broader restructuring and growth strategy as it positions itself in the food, agritech, and fintech sectors.
"Achievement of full compliance marks a significant milestone as we continue to execute on our restructuring and ambitious growth plans," said Lionel Kambeitz, Executive Chairman and CEO of Above Food. "Following our recent restructuring and return towards profitability, regaining full compliance now allows us to execute on a number of key strategic objectives, including the completion of our transformational merger with Palm Global."
Peter Knez, Chairman and CEO of Palm Global Technologies, noted that Above Food has completed its restructuring, eliminated corporate debt, and transitioned to profitability since the companies began working together earlier this year.
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