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.
