Nasdaq Says It Might Delist Safe Harbor

Partner Colorado still owns about a quarter of the company's shares, which closed April 24 at $0.95, fell to $0.82 on Monday and closed at $0.84 Tuesday. The stock was last above $1.00 on March 9, closing at $1.03.

The company has been losing money, but it was able to get concessions from Partner Colorado, including its foregiving about $10 million in remaining debt to the credit union last fall. It now has no debt, and ended last year with $6.8 million in cash.

A delisting would throw the company's stock into the maw of over-the-counter trading, where investors find little research and difficulty making trades.

"The Company intends to actively monitor the bid price and may evaluate other available options to resolve the deficiency and regain compliance with the Nasdaq Marketplace Rules," the company said. "While the Company is exercising diligent efforts to maintain the listing of its Common Stock and warrants on Nasdaq, there can be no assurance that the Company will be able to regain or maintain compliance with the foregoing or other Nasdaq listing standards."

If Safe Harbor does not regain compliance by Oct. 19, it might be eligible for a second compliance period for up to an additional 180 days. If the company is delisted, it may appeal to a Nasdaq hearings panel.

This is Nasdaq's second delisting warning to Safe Harbor. It cured the first one in February 2025 with reverse stock split in which investors handed over 20 old shares to receive one new share.

Seefried, 64, resigned immediately April 20 from its board of directors "Ms. Seefried's departure is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices," the company said.

Seefried was president/CEO of Partner Colorado from 2001 to 2021. In 2015 she founded the CUSO that would become Safe Harbor. She resigned as the credit union's president/CEO in June 2021 to become president/CEO of Safe Harbor Financial Services, which the credit union spun off as a public company in September 2022. She was appointed to the board in 2024.

She resigned as president/CEO of Safe Harbor in early 2025, but remained on the board until last week.

Two days later, on April 22, Safe Harbor appointed Tyler Klimas, 40, to the board as a Class III director.

Also on April 22, the board decided to increase its size from five to six members, and appointed Sean Tonner as a Class II director.

In December 2023, Klimas founded Leaf Street Strategies, a consulting firm focused on market strategy, regulatory engagement, issue advocacy and public relations in cannabis and hemp. He was previously executive director of the Nevada Cannabis Compliance Board from October 2019 to December 2023, where he led the agency's creation and oversight of Nevada's medical and adult-use cannabis markets.

Klimas is also a co-founder of the Cannabis Regulators Association (CANNRA), a nonprofit organization of chief cannabis regulators spanning more than 45 U.S. states and territories, Canada and the Netherlands."

Tonner, 55, has served as a partner at Fulcrum Group since December 2017 and is "a seasoned strategic communications and public affairs leader," the company said.

"He has advised governments and corporations globally and served in senior staff roles for presidents, prime ministers and governors," the company said. "His experience includes high-profile political campaigns, global reputation management for major brands and leadership roles across Colorado business and civic organizations."

Contact Jim DuPlessis at Jim.DuPlessis@arc-network.com.