TOKYO, Sept. 23, 2025 — Earlyworks Co., Ltd. (Nasdaq: ELWS) (the “Company” or “Earlyworks”), a Japanese firm that operates its proprietary private blockchain technology, Grid Ledger System (“GLS”), today announced it has received a determination from the Nasdaq Hearings Panel (the “Panel”) granting the Company a final extension until October 29, 2025, to achieve compliance with the continued listing standards for the Nasdaq Capital Market.
As previously disclosed, the Company was informed via a determination letter dated May 2, 2025, from the Nasdaq Listing Qualifications Department (“Nasdaq”) that it had failed to regain compliance with Nasdaq Listing Rule 5550(b)(2), which mandates listed companies to maintain a minimum market value of listed securities of $35 million. Earlyworks requested a hearing before the Panel and notified Nasdaq of its intention to pursue compliance through an alternative standard under Nasdaq Listing Rule 5550(b)(1), which requires a minimum stockholders’ equity of $2.5 million (the “Equity Rule”). On June 26, 2025, the Company announced receiving a notice from Nasdaq, stating that the Panel had decided to grant an exception to the Company through September 19, 2025, to regain compliance with the Equity Rule, subject to specific conditions. On September 18, 2025, the Company submitted a request to the Panel, highlighting the progress made in its compliance plan and the need for additional time to finalize it.
In response, the Panel has opted to grant the Company’s request for a final extension through October 29, 2025, marking the extent of the Panel’s discretion in this matter. During this period, the Company will persist in its efforts to complete its equity financing initiatives and fully comply with Nasdaq’s continued listing requirements. Should the Company fail to meet Nasdaq’s Listing Rules by this date, the Panel will delist the Company’s securities from the Nasdaq.
The Company’s American Depositary Shares (ADSs) will remain listed and eligible for trading on the Nasdaq Capital Market throughout this extension period.
About Earlyworks Co., Ltd.
Earlyworks Co., Ltd. is a Japanese company utilizing its proprietary private blockchain technology, GLS, to implement blockchain technology in diverse applications across various industries. GLS is a hybrid blockchain combining the technical benefits of both blockchain and database technology. GLS offers high-speed processing, capable of reaching 0.016 seconds per transaction, along with tamper-resistance, security, zero server downtime, and versatile applications. The applicability of GLS has been confirmed in multiple sectors, including real estate, advertising, telecommunications, metaverse, and financial services. The Company’s mission involves continuously updating GLS to establish it as a foundational infrastructure in the forthcoming Web3/metaverse-driven data society. For more information, please visit the Company’s website: .
For more information, please visit the Company’s website: https://ir.e-arly.works/.
For inquiries about this release, please contact:
Earlyworks Co., Ltd.
Contact E-MAIL: ew-ir@e-arly.works
Forward-Looking Statements
Certain statements within this announcement constitute forward-looking statements. These forward-looking statements carry known and unknown risks and uncertainties and are based on the Company’s current expectations and projections concerning future events that the Company believes may impact its financial condition, operational results, business strategy, and financial requirements. Investors can identify many (but not all) of these statements through the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may,” or similar expressions. The Company assumes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be legally mandated. Although the Company believes the expectations expressed in these forward-looking statements are reasonable, it cannot guarantee that such expectations will prove correct, and the Company advises investors that actual results may diverge materially from anticipated outcomes and encourages investors to review other factors that could influence its future results in the Company’s registration statement and other filings with the SEC.
