IRIDEX receives Nasdaq delisting notice; equity only $852K vs $2.5M minimum; seeks shareholder vote

IRIDEX CORP

Stockholders' equity was ~$852,000 as of March 29, 2025, below Nasdaq's $2.5M minimum.
Company to seek shareholder approval at June 11, 2025 annual meeting to reclassify Series B Preferred Stock as permanent equity.
If approved, $6M Series B sale would reclassify, potentially bringing equity above minimum.
Must submit compliance plan to Nasdaq by June 30, 2025; may receive up to 180-day cure period if plan accepted.
No immediate impact on Nasdaq listing or business operations, but delisting risk remains if plan fails.

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