Oblong Announces Compliance with Nasdaq Bid Price Requirement
September 12 2024 - 8:00AM
Business Wire
Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the
award-winning maker of multi-stream collaboration solutions, today
announced that the Company received formal notice from The Nasdaq
Stock Market LLC ("Nasdaq") that the Company has regained
compliance with Nasdaq's minimum bid price requirement set forth in
Nasdaq Listing Rule 5550(a)(2), after the Company’s stock traded
above $1.00 per share for 10 consecutive business days.
Accordingly, Nasdaq has advised that the matter is now closed.
"We are pleased to report that Oblong is now back in full
compliance with Nasdaq’s listing requirements," said Peter Holst,
CEO of Oblong. "As of June 30, 2024, we had $5.9 million of cash
and no debt. We believe our existing cash provides us liquidity
into the first half of 2026. We remained focused on actively
seeking inorganic growth opportunities through M&A. Our
exploration of strategic alternatives is diverse, encompassing the
possibility of a business combination; a reverse merger; or
outright sale of the company. Each option is being carefully
evaluated to ensure it aligns with our overarching goal of
sustainable growth and value creation.”
About Oblong, Inc.
Oblong (Nasdaq: OBLG) provides innovative and patented
technologies that change the way people work, create, and
communicate. Oblong’s flagship product Mezzanine™ is a meeting
technology platform that offers simultaneous content sharing to
optimize audience engagement and situational awareness. For more
information, visit www.oblong.com and Oblong’s Twitter and Facebook
pages.
Forward looking and cautionary statements
This press release and any oral statements made regarding the
subject of this release contain forward- looking statements as
defined under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, that address activities
that Oblong assumes, plans, expects, believes, intends, projects,
estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking statements.
Oblong’s actual results may differ materially from its
expectations, estimates and projections, and consequently you
should not rely on these forward- looking statements as predictions
of future events. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release include
statements relating to the Company’s exploration of strategic
alternatives and the Company’s liquidity projection. There can be
no assurance that the strategic review being undertaken will result
in a merger, sale or other business combination involving the
Company. The forward-looking statements are based on management’s
current belief, based on currently available information, as to the
outcome and timing of future events, and involve factors, risks,
and uncertainties, including the volatility of market price for our
securities, that may cause actual results in future periods to
differ materially from such statements. A list and description of
these and other risk factors can be found in the Company’s Annual
Report on Form 10-K for the year ending December 31, 2023 and in
other filings made by the Company with the SEC from time to time.
Any of these factors could cause Oblong’s actual results and plans
to differ materially from those in the forward-looking statements.
Therefore, the Company can give no assurance that its future
results will be as estimated. The Company does not intend to, and
disclaims any obligation to, correct, update, or revise any
information contained herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20240912460748/en/
Investor Relations Contact David Clark
investors@oblong.com (213) 683-8863 ext. 5
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