Locafy Receives Non-Compliance Notice Regarding Nasdaq Minimum Bid Price Requirement
July 08 2022 - 9:42AM
Locafy Limited (NASDAQ: LCFY, LCFYW) (“Locafy” or “the Company”),
has received a deficiency notification letter (“Notice”) from the
Listing Qualifications Staff of the Nasdaq Stock Market LLC
(“Nasdaq”) indicating that the Company was not in compliance with
Nasdaq Listing Rule 5550(a)(2) because the bid price for the
Company’s Ordinary Shares had closed below $1.00 per share for the
previous 30 consecutive business days.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has 180 calendar days from the date of such notice, or
until December 27, 2022, to regain compliance with the minimum bid
price requirement. To regain compliance, the bid price for the
Company’s Ordinary Shares must close at $1.00 per share or more for
a minimum of 10 consecutive business days.
Nasdaq’s written notice has no effect at this time on the
listing or trading of the Company’s Ordinary Shares and the
Ordinary Shares will continue to trade uninterrupted on Nasdaq
under the symbol “LCFY”. The Company’s operations are not affected
by the receipt of the Notice and Locafy's management intends to
actively monitor the bid price for its Ordinary Shares and will
consider all available options to regain compliance with the Nasdaq
minimum bid price requirement.
In the event Locafy does not regain compliance, the Company may
be eligible for an additional 180 calendar days' extension to
regain compliance. To qualify, the Company will be required to meet
the continued listing requirement for market value of publicly held
shares and all other initial listing standards for the The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to resolve
the deficiency during the second compliance period.
About Locafy LimitedFounded in 2009,
Locafy’s (NASDAQ: LCFY, LCFYW) mission is to revolutionize the
US$700 billion SEO sector. We help businesses and brands increase
search engine relevance and prominence in a specific proximity
using a fast, easy, and automated approach. For more information,
visit www.locafy.com
Safe Harbor StatementThis press release contains
“forward-looking statements” that are subject to substantial risks
and uncertainties. All statements, other than statements of
historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
“subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,”
“estimate,” “project,” “may,” “will,” “should,” “would,” “could,”
“can,” the negatives thereof, variations thereon and similar
expressions, or by discussions of strategy, although not all
forward-looking statements contain these words. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, they do involve
assumptions, risks, and uncertainties, and these expectations may
prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the Securities and
Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
Contacts
InvestorsLocafy Investor RelationsLocafy LimitedE:
investor@locafy.com |
|
To keep updated on Locafy’s news releases and SEC filings,
please subscribe to email alerts at
https://investor.locafy.com/email-alerts
Locafy (NASDAQ:LCFY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Locafy (NASDAQ:LCFY)
Historical Stock Chart
From Apr 2023 to Apr 2024