Key Takeaways:
- Above Food expects to file audited FY2025 financial results before the end of January 2026.
- The filing is expected to restore full compliance with Nasdaq reporting requirements.
- The delay reflects the scale of restructuring and audit complexity, not audit disputes.
- The company reports a strengthened balance sheet following legacy business restructuring.
- The merger with Palm Global is expected to proceed shortly after the filing.
Above Food Audited Financial Results And Nasdaq Compliance Timeline
Above Food Ingredients Inc. confirmed that it expects to report its audited financial results for the fiscal year ended January 31, 2025 before the end of January 2026. The company stated that this timeline will satisfy all applicable The Nasdaq Stock Market LLC reporting requirements and enable the next phase of its planned merger with Palm Global.
The company noted that a significant portion of the audit work has already been completed and emphasized that there are no known audit issues, no disagreements with auditors, and no unresolved matters that could impede completion. According to Above Food, the extended timeline is solely attributable to the technical scope and complexity of auditing the value created through its restructuring initiatives.
Nasdaq Listing Status And Extension Request
Above Food confirmed receipt of a standard Staff Determination Letter from Nasdaq related to Listing Rule 5250(c)(1) concerning the filing of its Form 20-F. In line with customary procedure, the company has requested a 180-day extension, which is expected to be reviewed by the Nasdaq Hearings Panel within 30 to 45 days.
As the company anticipates filing its audited financial results within January 2026, it expects to regain full compliance well in advance of the extension period. As a result, Above Food does not expect a hearing to be required.
Above Food Restructuring Outcomes And Financial Positioning
During the fiscal year ended January 31, 2025, Above Food completed a restructuring of its legacy business, including write-offs, asset clean-ups, and the removal of non-core or underperforming assets. The company stated that these actions have resulted in a significantly strengthened and streamlined balance sheet entering fiscal year 2026.
Management indicated that the revised balance sheet improves capital efficiency and enhances strategic flexibility, positioning the company for sustainable growth.
Profitability Outlook And Merger Progress
Above Food reaffirmed its expectation of delivering strong profitability for the fiscal year ending January 31, 2026, stating that previously announced profit targets are expected to be met or exceeded. The company attributed this outlook to restructuring benefits, operational discipline, and business performance.
Palm Global, the company’s merger partner, has been kept informed throughout the process and supports the current timeline. Above Food stated that the merger is expected to proceed to final closing shortly after the audited results are filed, marking a significant milestone in the company’s strategic development.
