お知らせ • Mar 28
Intrusion Inc. Provides Non-Compliance Update
On March 26, 2024, Intrusion Inc. received an additional notice from Nasdaq notifying the Company that the Company has not regained compliance with the Minimum Bid Requirement and is not eligible for a second 180-day period because the Company does not comply with the $5,000,000 minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market. Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. The notice also states that the Hearings Panel will consider the matter in their discretion regarding the Company's continued listing on Nasdaq and that the Company should present its views with respect to this additional deficiency to the Hearing Panel in writing no later than 5:00 p.m. Eastern Time on April 2, 2024. As previously reported, on September 26, 2023, the Company received a written notice from The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that the closing bid price of the Company's shares of common stock (the Common Shares") over the 30 consecutive trading days from August 14, 2023, through September 25, 2023, had fallen below $1.00 per share, which is the minimum closing bid price required to maintain listing on Nasdaq under Listing Rule 5550(a)(2) (the Minimum Bid Requirement"). Such notice additionally stated that in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company would receive 180 calendar days to regain compliance with the Minimum Bid Requirement (the Grace Period"), or until March 25, 2024, subject to a potential 180 calendar day extension. As previously reported, the Company conducted a 1-for-20 reverse stock split of its issued and outstanding shares of common stock, which is further described below in Item 5.03 and which became effective for trading on the Nasdaq on March 25, 2024, in order to regain compliance with the Minimum Bid Requirement. As also previously reported, on April 28, 2023, the Company received written notice from Nasdaq notifying the Company that, for the then-last 30 consecutive business days, the Company's Market Value of Listed Securities (MVLS") was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Listing Rule 5550(b)(2) (the Market Value Standard"). The notice provided that, in accordance with Listing Rule 5810(c)(3)(C), the Company had a period of 180 calendar days from the date of the notice, or until October 25, 2023, to regain compliance pursuant to one of the three standards as set under Rule 5550(b)(1), (b)(2), or (b)(3). The Nasdaq provided written notification of the Company's failure to regain compliance with the MVLS requirement by October 25, 2023, and afforded the Company the opportunity to request a hearing before the Hearings Panel. The Company timely requested a hearing before a Hearings Panel, which stayed any action with respect to the Staff Determination until such Nasdaq Panel rendered a final decision subsequent to the hearing. At the hearing, the Company presented its plan for regaining and sustaining compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. The Hearings Panel has subsequently given the Company, until April 23, 2023, to regain compliance. However, there can be no assurance that the Company will be able to regain or maintain compliance with the aforementioned Nasdaq listing criteria.