Locafy Receives Non-Compliance Notice Regarding Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Locafy Limited (NASDAQ: LCFY, LCFYW) has received a deficiency notice from Nasdaq due to its share price closing below $1.00 for 30 consecutive business days. The company has until December 27, 2022, to comply with the minimum bid price requirement, which entails closing at $1.00 or more for at least 10 consecutive days. The notice does not currently impact trading or operations. If compliance is not achieved, Locafy may qualify for an additional 180-day extension, contingent on meeting other listing requirements.

Positive

• The company has time until December 27, 2022, to regain compliance with Nasdaq's minimum bid price requirement.
• Trading of Locafy's shares continues uninterrupted despite the deficiency notice.

Negative

• The company's Ordinary Shares have closed below $1.00 for 30 consecutive business days, triggering the deficiency notice.
• Failure to regain compliance may lead to delisting risks if additional extension is not granted.

PERTH, AUSTRALIA, July 08, 2022 (GLOBE NEWSWIRE) -- Locafy Limited (NASDAQ: LCFY, LCFYW) (“Locafy” or “the Company”), has received a deficiency notification letter (“Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the bid price for the Company’s Ordinary Shares had closed below $1.00 per share for the previous 30 consecutive business days.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of such notice, or until December 27, 2022, to regain compliance with the minimum bid price requirement. To regain compliance, the bid price for the Company’s Ordinary Shares must close at $1.00 per share or more for a minimum of 10 consecutive business days.

Nasdaq’s written notice has no effect at this time on the listing or trading of the Company’s Ordinary Shares and the Ordinary Shares will continue to trade uninterrupted on Nasdaq under the symbol “LCFY”. The Company’s operations are not affected by the receipt of the Notice and Locafy's management intends to actively monitor the bid price for its Ordinary Shares and will consider all available options to regain compliance with the Nasdaq minimum bid price requirement.

In the event Locafy does not regain compliance, the Company may be eligible for an additional 180 calendar days' extension to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to resolve the deficiency during the second compliance period.

  
About Locafy Limited
Founded in 2009, Locafy’s (NASDAQ: LCFY, LCFYW) mission is to revolutionize the US$700 billion SEO sector. We help businesses and brands increase search engine relevance and prominence in a specific proximity using a fast, easy, and automated approach.

For more information, visit www.locafy.com

Safe Harbor Statement
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions, or by discussions of strategy, although not all forward-looking statements contain these words. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contacts

Investors Locafy Investor Relations Locafy Limited E: investor@locafy.com

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FAQ

What is the current stock status of Locafy (LCFY)?

Locafy has received a deficiency notice from Nasdaq due to its stock price being below $1.00.

How long does Locafy have to regain compliance with Nasdaq?

Locafy has until December 27, 2022, to meet the minimum bid price requirement.

What happens if Locafy fails to regain compliance?

If Locafy does not regain compliance, it may be eligible for an additional 180-day extension.

Does the deficiency notice affect Locafy's stock trading?

No, the deficiency notice does not currently affect the trading of Locafy's shares.