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SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

 

On October 16, 2025, the Company implemented a 1-for-10 reverse stock split of its then outstanding shares of common stock, with trading of the post-split shares beginning October 20, 2025. Under the reverse stock split, every 10 shares of common stock held by stockholders were combined into one share, and any fractional shares were rounded up to the next whole share. Following the split, the Company’s authorized common stock was adjusted accordingly to 6,000,000 shares. The reverse stock split was effected proactively in anticipation of, and to address, Nasdaq’s minimum bid price requirement for continued listing. The accompanying unaudited condensed consolidated financial statements and notes have been retroactively revised to reflect the reverse stock split as if it had occurred on April 1, 2024, with all shares and per-share amounts revised accordingly.

 

On October 16, 2025, the Company received a notice from Nasdaq stating that its common stock had been below $1.00 per share for 30 consecutive business days, resulting in noncompliance with the minimum bid price requirement under Listing Rule 5550(a)(2) and pursuant to Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) due to the fact that the Company has effected a reverse stock split over the prior one-year period or has effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. On October 31, 2025, the Company regained compliance with the minimum bid price requirement, and as such on November 5, 2025, Nasdaq notified the Company that the matter is now closed. The Company remains in compliance with all other Nasdaq continued listing requirements.