Intelligent Bio Solutions Inc. Regains Compliance with Nasdaq Listing Requirement

Rhea-AI Summary

Intelligent Bio Solutions Inc. (Nasdaq: INBS) announced it has regained compliance with Nasdaq Listing Rule 5450(a)(1) regarding the Minimum Bid Price Requirement. This follows a notification received on February 27, 2023, confirming compliance was re-established after maintaining a minimum bid price of $1.00 for at least 10 consecutive trading days, effective February 24, 2023. The Company had previously been notified on March 17, 2022, of non-compliance due to a failure to maintain the minimum bid price for 30 consecutive business days.

The matter is now considered closed by Nasdaq.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Minimum bid price maintained at $1.00 for 10 consecutive trading days.

Negative

• Initial non-compliance notification received on March 17, 2022.

NEW YORK, March 01, 2023 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. ("Intelligent Bio Solutions" or the "Company") (Nasdaq: INBS), a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions, today announced that on February 27, 2023, the Company received a notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”).

As a result, the Company is now in compliance with the Minimum Bid Price Requirement for continued listing and Nasdaq considers the matter closed.

The Company was previously notified by Nasdaq on March 17, 2022, that it was not in compliance with the Minimum Bid Price Requirement for continued listing on the Nasdaq because the Company failed to maintain a minimum bid price per share for its common stock of $1.00 for 30 consecutive business days preceding the date of that notice. To regain compliance, the Company was required to maintain a minimum bid price of $1.00 per share for at least 10 consecutive trading days. This requirement was met on February 24, 2023.

About Intelligent Bio Solutions Inc. 

Intelligent Bio Solutions Inc. is a life sciences company developing and delivering intelligent, non-invasive, real-time testing solutions to customers globally. With its world-first biosensor platform, Intelligent Bio Solutions is developing and launching diagnostic tests urgently needed to help people living with chronic disease. In addition, through its recent acquisition of Intelligent Fingerprinting Limited, the Company is the world leader in the advancement of portable drugs of abuse testing through the analysis of fingerprint sweat. The system is a platform technology with potential applications in many areas of diagnostics, and its advantages include being non-invasive, hygienic, fast, and cost-effective. The top-selling product screens for recent use of the most commonly taken drugs in workplace settings; opioids, cocaine, methamphetamine, and marijuana. Sample collection takes just seconds, with results in ten minutes. Customers include employers in safety-critical industries such as construction, transport and logistics firms, drug treatment organizations, and UK coroners. A laboratory confirmation service is also available. 

For more information, visit http://www.ibs.inc/

Forward-Looking Statements: 

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions' public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc

Investor Contact:
Valter Pinto
KCSA Strategic Communications
INBS@kcsa.com

Media Contact:
Cheryl Billson
Comma Communications
cheryl.billson@commacomms.com

FAQ

What does it mean that Intelligent Bio Solutions has regained compliance with Nasdaq?

It means the company has met the required minimum bid price of $1.00 per share for continued listing on the Nasdaq.

When did Intelligent Bio Solutions regain compliance with Nasdaq Listing Rule 5450(a)(1)?

The company regained compliance effective February 24, 2023.

What was the reason for the initial non-compliance notification from Nasdaq?

The company failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days.

What is the stock symbol for Intelligent Bio Solutions?

The stock symbol is INBS.