공시 • Nov 06
T Stamp Provides Nasdaq Non-Compliance Update
As previously disclosed in the Current Report on Form 8-K filed by T Stamp Inc. (the Company") with the SEC on May 8, 2024, on May 3, 2024, the Company received a notification letter from Nasdaq informing the Company that, for the 30 consecutive business days prior to May 3, 2024, the bid price of its shares of Class A Common Stock had closed below $1.00 per share, which is the minimum required closing bid price for continued listing on Nasdaq pursuant to Listing Rule 5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company had 180 days, or until October 30, 2024 to regain compliance with the minimum bid price continued listing standard however, if the Company was still not in compliance by October 30, 2024, it could be afforded a second 180 calendar day grace period. To qualify for this additional time, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for Nasdaq with the exception of the minimum bid price requirement. As of October 30, 2024, the bid price of the Company's shares of Class A Common Stock was still below $1.00 per share. However, on November 4, 2024, the Company received notice from Nasdaq that the Company is eligible for an additional 180 calendar day period, or until April 28, 2025, to regain compliance with minimum bid price requirement. Nasdaq's determination to grant the additional 180 day grace period is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq with the exception of the bid price requirement, and the Company's written notice to Nasdaq of its intention to cure the deficiency during this additional grace period by effecting a reverse stock split, if necessary, of its Class A Common Stock. If at any time during this additional grace period the closing bid price of the Company's Class A Common Stock is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed. If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to April 28, 2025 in order to timely regain compliance with the minimum bid price requirement. If the Company cannot demonstrate compliance with the minimum bid price requirement by April 28, 2025, Nasdaq will provide written notification to the Company that the Company's Class A Common Stock will be delisted from the Nasdaq Capital Market. At that time, the Company may appeal Nasdaq's determination to a Hearings Panel, however, there is no guarantee any appeal will be successful. On November 4, 2024, the Company received a notice from Nasdaq notifying the Company that, based on Nasdaq's review of the Current Report on Form 8-K that the Company filed with the SEC on November 1, 2024 in which the Company described the steps it had taken to regain compliance with Listing Rule 5550(b)(1), Nasdaq had determined that the Company complies with the Listing Rule 5550(b)(1). The notice also stated that, if the Company fails to evidence compliance upon filing its next periodic report, it may be subject to delisting. At that time, the Company may appeal Nasdaq's determination to a Hearings Panel, however, there is no guarantee any appeal will be successful.