Locafy Limited, a globally recognized software-as-a-service technology company specializing in local search engine marketing, announced that it has received notice from The Nasdaq Stock Market LLC on December 22, 2022 informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the “Rule”) for continued listing on the Nasdaq Capital Market and that the matter is now closed.
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On June 30, 2022, Locafy received notice from Nasdaq that the Company was not in compliance with the Rule, as its ordinary shares failed to meet a closing bid price of $1.00 or more for 30 consecutive business days. The Company conducted a 1-for-20 reverse split of its ordinary shares on December 7, 2022, to aid the compliance process.
To regain compliance with the Rule, the Company’s ordinary shares were required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive business days. This requirement was met on December 21, 2022.
SOURCE: GlobeNewswire
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