Intrusion Inc. receives Nasdaq delisting notice; 1-for-20 reverse split fails to cure bid deficiency

INTRUSION INC

Received Nasdaq notice on March 26, 2024 that it has not regained compliance with the minimum bid price of $1.00 per share.
Additionally, Nasdaq stated company does not meet the $5,000,000 minimum stockholders' equity initial listing requirement, disqualifying it from a second 180-day grace period.
The company conducted a 1-for-20 reverse stock split effective March 25, 2024 to regain bid price compliance, but Nasdaq deemed it insufficient.
The Hearings Panel previously granted the company until April 23, 2024 to regain compliance; company must submit views on the additional deficiency by April 2, 2024.
There is no assurance that Intrusion will be able to regain or maintain compliance with Nasdaq listing criteria.

Key facts

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

INTRUSION INC: Amendment to certificate of incorporation to effect a 1-for-20 reverse stock split of common shares (effective 2024-03-22).

Change: charter amendment
Effective: 2024-03-22

Exact text from the filing

a Certificate of Amendment to Certificate of Incorporation was filed with the Delaware Secretary of State in respect of the Reverse Stock Split, and became effective for state law purposes on March 22, 2024

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INTRUSION INC filing history →

Source: SEC EDGAR

accession 0001683168-24-001777

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