Dynatronics corporation receives non-compliance notice from nasdaq stock market llc
On november 21, 2019, dynatronics corporation (the “company” or “we”) received written notice from the director of nasdaq listing qualifications at the nasdaq stock market llc (“nasdaq”), indicating that the minimum bid price of our common stock has closed at less than $1.00 per share over the last 30 consecutive business days and, as a result, did not comply with listing rule 5550(a)(2) (the “bid price rule”). in accordance with listing rule 5810(c)(3)(a), we are being provided 180 calendar days, or until may 19, 2020, to regain compliance with the bid price rule. if at any time before may 19, 2020, the bid price of our common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the nasdaq listing qualifications staff (the “staff”) will provide us with written confirmation of compliance with the bid price rule and the matter will be closed. if we fail to regain compliance with the bid price rule before may 19, 2020, but meet certain other applicable standards, the company may be eligible for additional time to comply with the bid price rule. to qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the nasdaq capital market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. if it is not eligible for an additional grace period, the company will receive notification from the staff that its securities are subject to delisting. the company may then appeal the delisting determination to a nasdaq listing qualifications hearings panel. we intend to actively monitor the bid price of our common stock between now and may 19, 2020, and will consider available options to resolve the deficiency and regain compliance with the bid price rule.
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