INTRUSION INC (INTZ): Nasdaq/NYSE listing notice — Intrusion settles SEC charges without penalty; Nasdaq warns of bid price deficiency

INTRUSION INC

Settled SEC investigation with no monetary penalty; permanent injunction against securities law violations.
Received Nasdaq deficiency notice: bid price below $1.00 for 30 days; must regain compliance by March 25, 2024.
Shareholder derivative lawsuit settled for $250K in fees (covered by insurance) plus governance changes.
Amended bylaws: lead independent director required if CEO also holds Chairman role.
Still facing a separate Nasdaq market value of listed securities deficiency with Oct 25, 2023 deadline.

item 1.01 item 8.01 item 5.03 item 3.01 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

INTRUSION INC received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

bid price of the Company’s common shares (the “Common Shares”) over the 30 consecutive trading days from August 14, 2023, through September 25, 2023, had fallen below $1.00 per share, which is the minimum closing bid price required to maintain listing on the NASDAQ Capital Market under Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”). In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has 180 calendar days to regain compliance with the Minimum Bid Requirement (the “Grace Period”), or until March 25, 2024, subject to a potential 180 calendar day extension, as described bel

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

INTRUSION INC: Adopted amended and restated bylaws requiring a lead independent director when CEO and Chairman are the same individual (effective 2023-09-27).

Change: bylaw amendment
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, in connection with the Settlement Agreement, the Board of Directors adopted amended and restated bylaws (“A&R Bylaws”).

View on SEC.gov

8 listing & compliance notices filed in the last 30 days. Browse all listing & compliance notices →

INTRUSION INC filing history →

Source: SEC EDGAR

accession 0001683168-23-006874

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