IZEA Regains Compliance With Nasdaq Bid Price Rule

Rhea-AI Summary

IZEA Worldwide has regained compliance with Nasdaq's Listing Rule 5550(a)(2), confirming its common stock price remained above $1.00 for 10 consecutive business days. This follows a prior non-compliance notice from June 2019 and subsequent extensions due to COVID-19 impacts. The company attributes the compliance restoration to favorable market conditions. IZEA specializes in influencer marketing technology, connecting brands with content creators to enhance marketing initiatives. The company operates the IZEAx Unity Suite to automate marketing processes.

Positive

• Regained compliance with Nasdaq's Listing Rule 5550(a)(2).
• Common stock maintained a bid price above $1.00 for 10 consecutive days.
• Compliance extension granted due to favorable market conditions.

Negative

• None.

Orlando, Florida, June 22, 2020 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA) (the “Company”), the premier provider of influencer marketing technology, data, and services for the world’s leading brands, today received formal notification from The Nasdaq Stock Market LLC ("Nasdaq") that the Company has regained compliance with Listing Rule 5550(a)(2), which requires the Company's common stock to maintain a minimum bid price of $1.00 per share. The Nasdaq staff made this determination of compliance after the closing bid price of the Company's common stock was at $1.00 per share or greater for the prior 10 consecutive business days.

Nasdaq had previously notified the Company of its non-compliance with Listing Rule 5550(a)(2) on June 13, 2019. In accordance with its Listing Rules, Nasdaq afforded the Company 180 calendar days (until December 10, 2019) to regain compliance and on December 11, 2019 granted the Company an additional 180 days for compliance, through June 8, 2020.  In the interim, as a result of the effects of COVID-19 on businesses and the stock market, without request, Nasdaq filed a rule change to toll the bid price requirement, resulting in the Company’s compliance period extending through August 24, 2020. Prior to the expiration of the compliance period, the Company successfully regained compliance with the listing standard as a result of favorable market conditions.

About IZEA Worldwide, Inc.
IZEA Worldwide, Inc. (“IZEA”) operates IZEAx Unity Suite, the premier online marketplace that connects marketers with content creators. IZEAx automates influencer marketing and custom content development, allowing brands and agencies to scale their marketing programs. IZEA creators include celebrities and accredited journalists. Creators are compensated for producing unique content such as long and short form text, videos, photos, status updates, and illustrations for marketers or distributing such content on behalf of marketers through their personal websites, blogs, and social media channels. Marketers receive influential content and engaging, shareable stories that drive awareness. For more information about IZEA, visit https://izea.com/ and the company’s blog at https://izea.com/blog, or follow IZEA on Twitter at www.twitter.com/izea.

Safe Harbor Statement
All statements in this release that are not based on historical fact are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “may,” “will,” “would,” “could,” “should,” “expects,” “anticipates,” “estimates,” “believes,” “intends,” “likely,” “projects,” “plans,” “pursue," “strategy” or “future,” or the negative of these words or other words or expressions of similar meaning. Examples of forward-looking statements include, among others, statements we make regarding expectations concerning IZEA’s ability to increase revenue and improve Adjusted EBITDA, expectations with respect to operational efficiency, and expectations concerning IZEA’s business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to raise additional funding needed to fund our business operation in the future, uncertainty relating to the effects of COVID-19, competitive conditions in the content and social sponsorship segment in which IZEA operates; failure to popularize the IZEAx marketplace platform; inability to finance growth initiatives in a timely manner; our ability to satisfy the requirements for continued listing of our common stock on the Nasdaq Capital Market; changing economic conditions that are less favorable than expected; and other risks and uncertainties described in IZEA’s periodic reports filed with the Securities and Exchange Commission. The forward-looking statements made in this release speak only as of the date of this release, and IZEA assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Martin Smith
IZEA Worldwide, Inc.
Phone: 407-674-6911
Email: ir@izea.com

FAQ

What compliance has IZEA achieved with Nasdaq?

IZEA has regained compliance with Nasdaq's Listing Rule 5550(a)(2) by maintaining a stock price above $1.00 for 10 consecutive business days.

When did IZEA receive its non-compliance notice from Nasdaq?

IZEA received a non-compliance notice on June 13, 2019.

What is the significance of the compliance with Nasdaq for IZEA?

Regaining compliance with Nasdaq is crucial for IZEA as it ensures continued listing on the stock exchange, impacting investor confidence and stock valuation.

How has COVID-19 affected IZEA's compliance with Nasdaq?

COVID-19 led to extensions for compliance deadlines, allowing IZEA more time to regain compliance due to market conditions.

What does IZEA do in the influencer marketing space?

IZEA provides technology and services connecting brands with content creators to automate influencer marketing and content development, enhancing brand engagement.