SONIC FOUNDRY INC: Nasdaq/NYSE listing notice — Sonic Foundry receives Nasdaq delisting notice; plans to appeal

SONIC FOUNDRY INC

Nasdaq notified on July 6, 2023 that company failed to regain compliance with $1.00 minimum bid price rule and is ineligible for second grace period.
Company also failed to meet $2.5M minimum stockholders' equity requirement; deficiency is separate basis for delisting despite extension to July 14, 2023.
Trading suspension set for July 17, 2023 unless appeal is filed; company intends to appeal by July 13, 2023 to stay delisting pending Hearings Panel decision.

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 0.9

SONIC FOUNDRY INC received a nasdaq delisting notice notice regarding stockholders equity (rules 5550(b)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: stockholders equity
Rules: 5550(b)

Exact text from the filing

July 6, 2023, the Company was notified by Nasdaq that it had not regained compliance with the Rule and is not eligible for a second 180 day period. Additionally, on February 14, 2023, the Staff notified the Company that it failed to comply with Nasdaq’s $2,500,000 minimum stockholders’ equity requirement for continued listing and, as of that date, the Company did not meet the alternative requirements of market value of listed securities or net income from continuing operations as set forth in Listing Rule 5550(b). In that regard, the Company submitted its plan to regain compliance and was gran

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

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

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

Exact text from the filing

July 6, 2023, the Company was notified by Nasdaq that it had not regained compliance with the Rule and is not eligible for a second 180 day period. Additionally, on February 14, 2023, the Staff notified the Company that it failed to comply with Nasdaq’s $2,500,000 minimum stockholders’ equity requirement for continued listing and, as of that date, the Company did not meet the alternative requirements of market value of listed securities or net income from continuing operations as set forth in Listing Rule 5550(b). In that regard, the Company submitted its plan to regain compliance and was gran

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Source: SEC EDGAR

accession 0001437749-23-019789

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