Shoham, Israel, June 28, 2024 (GLOBE NEWSWIRE) – Mobilicom Limited (Nasdaq: MOB, MOBBW) (“Mobilicom” or the “Company”), a provider of cybersecurity and rugged solutions for drones and robotics, today announced that it has received a notification letter from Nasdaq Stock Market LLC (“Nasdaq”). The letter advises the Company that it does not meet the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Capital Market because the closing bid price for the Company’s Nasdaq-listed American Depositary Shares (“ADSs”) was below $1.00 for 30 consecutive trading days. Nasdaq Listing Rule 5550(a)(2) requires a minimum bid price of $1.00 per share for publicly traded securities, and Nasdaq Listing Rule 5810(c)(3)(A) states that a failure to meet the minimum bid price requirement occurs if the failure continues for a period of 30 consecutive business days.
The announcement has no immediate impact on the Company’s listing on Nasdaq or trading in its ADSs. During the grace period, which may be extended, the Company’s ADSs will continue to trade on Nasdaq under the symbol “MOB.”
Pursuant to Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of notice or until December 23, 2024 to restore compliance with the minimum bid price. If at any time prior to December 23, 2024 the bid price of the Company’s ADSs is at or above $1.00 per share for at least 10 consecutive business days, Nasdaq will issue written notice that the Company has restored compliance with the minimum bid price.
If the Company does not regain compliance by December 23, 2024, the Company may be entitled to an additional 180 days to regain compliance if it satisfies the continued listing requirements for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In such event, the Company must provide written notice of its intent to cure the deficiency during the second compliance period.
The Company will continue to monitor the closing price of its ADSs on the Nasdaq from now until December 23, 2024 and will attempt to correct the deficiency within the prescribed period. The Company’s business operations will not be affected by the notification letter.
If the Company fails to demonstrate compliance within the allotted compliance period(s), Nasdaq staff will notify the Company that its ADSs will be delisted.
About Mobilicom
Mobilicom is a leading provider of robust cyber-secure solutions for the fast-growing defense and commercial drone and robot market. Mobilicom’s large portfolio of field-proven technologies includes cybersecurity, software, hardware and professional services that power, connect, control and secure drones and robots. With deployments around the world with over 50 customers, including the world’s largest drone manufacturers, Mobilicom’s end-to-end solutions are deployed in mission-critical functions.
For investors please use https://ir.mobilicom.com/
For companies please use www.mobilicom.com
Forward-looking statements
This press release contains “forward-looking statements” that are subject to significant risks and uncertainties. All statements in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this press release can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “might,” “possibly,” “plan,” “potential,” “predict,” “project,” “seek,” “target,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Mobilicom Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be accurate. These and other risks and uncertainties are more fully described in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of the date hereof and Mobilicom Limited undertakes no obligation to update this information, except as required by applicable law.
For further information about Mobilicom please contact:
Liad Gelfer
Mobilicom Ltd
[email protected]
