SONIC FOUNDRY INC: Nasdaq/NYSE listing notice — Sonic Foundry receives Nasdaq bid price deficiency notice; 180 days to comply

SONIC FOUNDRY INC

Nasdaq notified Sonic Foundry on Jan 6, 2023 that common stock bid price closed below $1.00 for 30 consecutive business days.
Company has until July 5, 2023 to regain compliance; stock continues trading on Nasdaq Capital Market.
To regain compliance, bid price must close at $1.00 or higher for at least 10 consecutive trading days.
If not compliant by July 5, 2023, Company may seek a second 180-day period and consider a reverse stock split.
Failure to regain compliance could lead to delisting of common stock (SOFO).

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 1.0

SONIC FOUNDRY INC received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

January 6, 2023, Sonic Foundry, Inc. (the “Company”) was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that it is not in compliance with the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company’s common stock (the “Common Stock”) was below $1.00 per share for 30 consecutive business days. The notification does not impact the listing of the Common Stock on The Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180

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Source: SEC EDGAR

accession 0001437749-23-000870

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