Mobilicom Announces Receipt of Nasdaq Minimum Bid Price Notification
Mobilicom has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement, as its ADSs have closed below $1.00 for 30 consecutive trading days.
The company has until December 23, 2024, to regain compliance with the minimum bid price by achieving a closing bid price of $1.00 or above for at least 10 consecutive business days.
If Mobilicom fails to do so within this period, it may qualify for an additional 180-day compliance period provided it meets other listing standards. The notice has no immediate effect on the company's Nasdaq listing or trading of its ADSs.
- None.
- Mobilicom's ADSs have closed below $1.00 for 30 consecutive trading days.
- Failure to regain compliance by December 23, 2024, may lead to delisting from Nasdaq.
- The company faces the risk of not meeting the minimum bid price requirement even after an additional 180-day compliance period.
Shoham, Israel, June 28, 2024 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB, MOBBW) ("Mobilicom" or the "Company"), a provider of cybersecurity and robust solutions for drones and robotics, today announced that it has received a notification letter from the Nasdaq Stock Market LLC ("Nasdaq"). The letter notifies the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market, since the closing bid price for the Company's American Depositary Shares ("ADSs") listed on the Nasdaq was below USD
The Notice has no immediate effect on the Company's Nasdaq listing or the trading of its ADSs, and during the grace period, as may be extended, the Company's ADSs will continue to trade on the Nasdaq under the symbol "MOB".
In accordance with Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, or until December 23, 2024, to regain compliance with the minimum bid price. If at any time before December 23, 2024 the bid price of the Company's ADSs closes at or above USD
In the event the Company does not regain compliance by December 23, 2024, the Company may be eligible for an additional 180 days to regain compliance if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period.
The Company will continue to monitor the closing bid price of its ADSs on the Nasdaq between now and December 23, 2024 and seek to cure the deficiency within the prescribed compliance period. The Company's business operations are not affected by the notification letter.
If the Company cannot demonstrate compliance by the allotted compliance period(s), Nasdaq's staff will notify the Company that its ADSs are subject to delisting.
About Mobilicom
Mobilicom is a leading provider of cybersecure robust solutions for the rapidly growing defense and commercial drones and robotics market. Mobilicom’s large portfolio of field-proven technologies includes cybersecurity, software, hardware, and professional services that power, connect, guide, and secure drones and robotics. Through deployments across the globe with over 50 customers, including the world’s largest drone manufacturers, Mobilicom’s end-to-end solutions are used in mission-critical functions.
For investors, please use https://ir.mobilicom.com/
For company, please use www.mobilicom.com
Forward Looking Statements
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 “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Mobilicom Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Mobilicom Limited undertakes no duty to update such information except as required under applicable law.
For more information on Mobilicom, please contact:
Liad Gelfer
Mobilicom Ltd
liad.gelfer@mobilicom.com
FAQ
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