The Staff Determination from Nasdaq’s Listing Qualifications Department arrived on August 3, 2026, citing a failure to meet the minimum bid price requirement between June 18 and July 31. Because the company previously executed a one-for-ten reverse stock split in August 2025, it is ineligible for standard grace periods, forcing an immediate appeal process.

Management intends to request a hearing before the Nasdaq Hearings Panel, a move that will temporarily freeze the delisting process and keep the stock, ticker SUGP, trading on the exchange. To address the underlying valuation issue, the company has finalized a new one-for-five share consolidation set for August 6, 2026. Executives hope this maneuver will lift the share price above the $1.00 floor, potentially rendering the formal hearing unnecessary. However, no guarantees exist that this strategy will satisfy Nasdaq’s long-term listing requirements or prevent future volatility.