Sonic Foundry, Inc. (NASDAQ:SOFO), the trusted leader in developing comprehensive video recording and streaming solutions for corporations, health organizations and government entities today announced that the Company received a final delisting notice from Nasdaq on December 1, 2023. The delisting is a result of failure to satisfy the $1.00 minimum bid price listing requirement in Nasdaq Listing Rule 5550(a)(2) and failure to comply with Nasdaq’s $2,500,000 minimum stockholders’ equity requirement for continued listing or any of the alternative requirements in Listing Rule 5550(b). Suspension of trading in the Company’s common stock on the Nasdaq exchange will be effective at the open of trading on December 5, 2023.
Sonic Foundry CEO Joe Mozden, Jr. commented, “While we are disappointed in the Nasdaq delisting, this does not deter us from our long-term strategy of transforming Sonic Foundry into a high-growth company by launching new businesses and services. To that end, we are excited about the progress we have made with our newest businesses, Global Learning Exchange™ and Vidable®. Each addresses real-world challenges in their respective markets where we continue to draw interest from prospects and are now starting to secure our first contracts.”
The Company expects its common stock will commence trading on the OTC Markets Group platform at the open of trading on December 5, 2023, under the symbol “SOFO” and the Company plans to apply to trade on the OTCQB Market or other OTC market in the coming weeks.
