Banzai Regains Compliance with NASDAQ Minimum Bid Price Rule

Rhea-AI Summary

Banzai International (NASDAQ: BNZI), a leading marketing technology company, has announced that it has regained compliance with Nasdaq's minimum bid price requirement. The company received notice from Nasdaq confirming that it has met the conditions of Listing Rule 5450(a)(1), which requires maintaining a minimum closing bid price of $1.00 or more for at least 10 consecutive business days.

On October 18, 2024, Nasdaq informed Banzai that it had achieved compliance with this rule. As a result, the Nasdaq Listing Qualifications Staff has closed the prior bid price deficiency matter. This development ensures Banzai's continued listing on the Nasdaq stock exchange.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Maintained a closing bid price of $1.00 or more for at least 10 consecutive business days
• Secured continued listing on the Nasdaq stock exchange

Negative

• None.

Insights

Financial Analyst

Banzai's regaining of compliance with NASDAQ's minimum bid price rule is a positive development, albeit with immediate financial impact. This news primarily affects the company's listing status rather than its fundamental business operations or financials. However, it's important for several reasons:

• Maintaining NASDAQ listing provides better visibility and liquidity for the stock, which is vital for a small-cap company with a market cap of only $12.26 million.
• It avoids the potential negative consequences of delisting, such as reduced investor confidence and access to capital markets.
• The sustained price increase above $1 for 10 consecutive days might indicate improving market sentiment or company performance, though this should be verified with additional financial data.

Investors should view this as a stabilizing factor rather than a growth catalyst. It's a necessary step for Banzai to maintain its position in the public markets, but doesn't directly translate to improved business performance or increased shareholder value. The focus should now shift to the company's operational metrics and growth strategies in the competitive marketing technology sector.

SEATTLE, Oct. 22, 2024 (GLOBE NEWSWIRE) --  Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that it has received notice from The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1) (the "Rule") for continued listing.

To regain compliance with the Rule, the Company's Class A common stock was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days; on October 18, 2024, Nasdaq informed the Company it achieved compliance with such Rule. Therefore, the Nasdaq Listing Qualifications Staff considers the prior bid price deficiency matter now closed.

About Banzai

Banzai is a marketing technology company that provides essential marketing and sales solutions for businesses of all sizes. On a mission to help their customers achieve their mission, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Square, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future,” “outlook,” and similar variations and expressions. Forward-looking statements are those that do not relate strictly to historical or current facts. Examples of forward-looking statements may include, among others, statements regarding Banzai International, Inc.’s (the “Company’s”): future financial, business and operating performance and goals; annualized recurring revenue and customer retention; ongoing, future or ability to maintain or improve its financial position, cash flows, and liquidity and its expected financial needs; potential financing and ability to obtain financing; acquisition strategy and proposed acquisitions and, if completed, their potential success and financial contributions; strategy and strategic goals, including being able to capitalize on opportunities; expectations relating to the Company’s industry, outlook and market trends; total addressable market and serviceable addressable market and related projections; plans, strategies and expectations for retaining existing or acquiring new customers, increasing revenue and executing growth initiatives; and product areas of focus and additional products that may be sold in the future. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements. Factors that may cause actual results to differ materially include changes in the markets in which the Company operates, customer demand, the financial markets, economic, business and regulatory and other factors, such as the Company’s ability to execute on its strategy. More detailed information about risk factors can be found in the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q under the heading “Risk Factors,” and in other reports filed by the Company, including reports on Form 8-K. The Company does not undertake any duty to update forward-looking statements after the date of this press release.

Investor Relations
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
BNZI@mzgroup.us
www.mzgroup.us

Media
Rachel Meyrowitz
Director, Demand Generation, Banzai
media@banzai.io

FAQ

What compliance issue did Banzai (BNZI) resolve with Nasdaq?

Banzai (BNZI) regained compliance with Nasdaq's minimum bid price requirement, which mandates maintaining a closing bid price of $1.00 or more for at least 10 consecutive business days.

When did Banzai (BNZI) receive notice of compliance from Nasdaq?

Banzai (BNZI) received notice from Nasdaq on October 18, 2024, informing the company that it had achieved compliance with the minimum bid price rule.

What is the significance of Banzai (BNZI) regaining Nasdaq compliance?

Regaining compliance ensures Banzai's (BNZI) continued listing on the Nasdaq stock exchange, which is important for maintaining investor confidence and access to capital markets.

What is Nasdaq Listing Rule 5450(a)(1) that Banzai (BNZI) complied with?

Nasdaq Listing Rule 5450(a)(1) requires companies to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days to remain listed on the exchange.