Neptune Wellness Solutions Inc. (NEPT) shares plummeted 6.15% in after-hours on Friday, September 20, 2021, and closed the normal trading at $0.61. However, in the regular trading session of Friday, NEPT’s stock gained 16.07%. NEPT shares have fallen 73.90% over the last 12 months, and they have moved down 1.63% in the past week. Over the past three months, the stock has lost 47.58%, while over the past six months, it has declined 59.88%. The company has a current market of $120.40 million and its outstanding shares stood at 166.06 million.

Let’s see what are the latest developments about the company?

NEPT Nasdaq non-compliance

On August 30, 2021, Neptune Wellness Solutions Inc (NEPT) received written notification from the Nasdaq Stock Market LLC, notifying the Company that it is not in compliance with the minimum bid price requirement outlined in Nasdaq Listing Rule 5550(a)(2), which requires that the closing bid price for the Company’s common shares listed on Nasdaq be maintained at a minimum of US$1.00.

NEPT new appointment

On August 19, 2021, Neptune Wellness Solutions Inc (NEPT) appointed John Wirt as General Counsel.

Mr Wirt will lead Neptune’s internal legal department, which includes recent hire, Senior Vice President, Compliance and Legal Affairs, Gary S. Kaminsky.

NEPT recent financial results announcement

On August 12, 2021, Neptune Wellness Solutions Inc. (NEPT) announced its financial results for the three-month period that ended on June 30, 2021.

Q1 2022 financial highlights

• NEPT reported revenue of $12.4 million in Q1 2022 compared to $11.2 million in Q1 2021.
• It reports a gross profit loss of $2.9 million in Q1 2022 compared to a gross profit of $3.3 million in Q1 2021.
• The company suffered a net loss of $23.0 million in Q1 2020 compared to a net loss of $11.4 million in Q1 2021.
• Adjusted EBITDA was negative $15.9 million in Q1 2022 compared to a negative Adjusted EBITDA of $2.5 million in Q1 2021.

NEPT Mood Ring Cannabis Flower

On August 2, 2021, Neptune Wellness Solutions Inc (NEPT) launched its Mood Ring branded cannabis flower in the province of Alberta.

Neptune Wellness now sells its cannabis products under its Mood Ring and PanHash brands in four provinces of Canada, which are accounted for more than 80% of Canadian cannabis retail sales and provide Neptune Wellness access to more than 2,000 retail cannabis stores in the Canadian market.

Conclusion

Well, as of this writing, we have no reason for its early gains and later loss on Friday. We can expect it to return towards positivity after the weekend on Monday.