EzFill regains compliance with Nasdaq listing standard

EzFill Holdings has regained compliance with Listing Rule 5550(b)(1) which requires a minimum stockholders’ equity of $2,500,000. As previously disclosed, on August 22, 2023, EzFill received a letter from the listing qualifications department staff of Nasdaq notifying the Company that the stockholders’ equity as reported on its Quarterly Report on Form 10-Q for the period ending June 30, 2023 did not satisfy the continued listing requirement that stockholders equity be at least $2,500,000. As previously disclosed, the Company recently completed a series of strategic transactions, including a private placement sale of the Company’s Series B Convertible Preferred Stock, exchanging certain debt of the Company for shares of the Company’s common stock and exchanging certain other debt of the Company for shares of the Company’s Series A Preferred Stock which, among other things, increased the Company’s stockholders equity above the continued listing requirement. Accordingly, on August 30, 2024, Nasdaq Hearings Panel provided the Company with written notice that it had regained compliance with Rule 5550(b)(1). Nasdaq will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement for a period of one year from the date of Nasdaq’s compliance letter to the Company. Should the Company fall out of compliance with the minimum equity rule during that time, the Company would become subject to delisting without a cure period. The Company will have the opportunity to request a new hearing should that event occur.