ENGLOBAL CORP: Nasdaq/NYSE listing notice — ENGlobal receives Nasdaq deficiency notice for equity shortfall, completes 1-for-8 reverse stock split

ENGLOBAL CORP

Nasdaq notified ENGlobal on Nov 27, 2023, of non-compliance with $2.5M minimum stockholders' equity; reported equity $2.1M.
Company must submit a compliance plan by Jan 8, 2024; if accepted, may get up to 180 days to regain compliance.
1-for-8 reverse stock split effective Nov 30, 2023; shares expected outstanding ~5.125M post-split.
Reverse split intended to boost per-share price to meet Nasdaq minimum bid price; CUSIP changes to 293306205.
Stock continues trading on Nasdaq under symbol ENG; management evaluating options to restore equity compliance.

item 3.01 item 3.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

ENGLOBAL CORP received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

November 27, 2023, ENGlobal Corporation (the “Company”) received written notice from The Nasdaq Stock Market Inc. (“Nasdaq”) notifying the Company that it is no longer in compliance with Nasdaq Listing Rule 5550(b)(1) for continued listing due to its failure to maintain a minimum of $2.5 million in stockholders' equity. In the Company's Form 10-Q for the period ended September 30, 2023, the Company reported stockholders' equity of approximately $2.1 million. Nasdaq also determined that the Company does not meet the alternatives of market value of listed securities or net income from continuing

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

ENGLOBAL CORP: Filed Certificate of Amendment to effect a 1-for-8 reverse stock split (effective 2023-11-30).

Change: charter amendment
Effective: 2023-11-30

Exact text from the filing

On November 30, 2023, the Company filed a Certificate of Amendment to the Restated Articles of Incorporation of the Company with the Secretary of State of the State of Nevada (the “Certificate of Amendment”) to effect a 1-for-8 reverse stock split

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Source: SEC EDGAR

accession 0001654954-23-015013

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