Banzai Regains Compliance with Nasdaq Minimum Market Value of Publicly Held Shares Requirement

Rhea-AI Summary

Banzai International (NASDAQ: BNZI) has regained compliance with Nasdaq's minimum market value of publicly held shares (MVPHS) requirement. The company received confirmation from Nasdaq that after transferring to the Capital Markets tier, its MVPHS remained at or above $1,000,000 for 10 consecutive trading days from October 24 to November 6, 2024. This compliance fulfills Nasdaq Listing Rule 5550(a)(5), and the matter has been closed.

Positive

• Regained Nasdaq listing compliance, eliminating risk of delisting
• Successfully maintained MVPHS above $1,000,000 for required period
• Successfully transferred to Nasdaq Capital Markets tier

Negative

• Previous non-compliance with Nasdaq listing requirements indicates recent market value concerns

Insights

Financial Analyst

Regaining Nasdaq compliance is a critical milestone that removes a significant regulatory overhang for Banzai. The company's successful transfer to the Capital Markets tier and maintenance of the required $1 million minimum market value of publicly held shares demonstrates improved market stability. However, investors should note that meeting minimum listing requirements is a baseline achievement rather than a strong indicator of business performance. The stock remains in micro-cap territory with a market cap under $9 million, suggesting continued volatility risk. While this development prevents an immediate delisting threat, the company needs to show fundamental business growth to sustain long-term market confidence.

SEATTLE, Nov. 11, 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 market value of publicly held shares (“MVPHS”) requirement under Nasdaq Listing Rule 5550(a)(5) (the "Rule") for continued listing.

On November 7, 2024, the Company received a letter from Nasdaq noting that the Company transferred to the Capital Markets tier and since then, the Staff determined that for the last 10 consecutive trading days, from October 24, 2024 to November 6, 2024, the Company’s MVPHS has been $1,000,000 or greater and therefore the Company regained compliance with Listing Rule 5550(a)(5) and the matter is 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

When did Banzai (BNZI) regain Nasdaq compliance?

Banzai (BNZI) regained Nasdaq compliance on November 7, 2024, after maintaining the required minimum market value of publicly held shares for 10 consecutive trading days from October 24 to November 6, 2024.

What was the minimum market value requirement Banzai (BNZI) had to meet for Nasdaq compliance?

Banzai (BNZI) had to maintain a minimum market value of publicly held shares (MVPHS) of $1,000,000 or greater for at least 10 consecutive trading days to meet Nasdaq Listing Rule 5550(a)(5).

Which Nasdaq tier did Banzai (BNZI) transfer to in 2024?

Banzai (BNZI) transferred to the Nasdaq Capital Markets tier, as mentioned in the notice received on November 7, 2024.