Shiftpixy receives notice of delisting; transfer of listing
Shiftpixy, inc. received a letter from the staff of the listing qualification department of the nasdaq stock market llc, which notified the company that (1) for the previous 30 consecutive business days, the bid price for the company's common stock had closed below the minimum $1.00 per share requirement for continued listing on the nasdaq capital market under nasdaq's listing rule 5550(a)(2), which requires a minimum bid price of $1.00 per share and (2) that it is no longer in compliance with the minimum market value of listed securities of $35,000,000 requirement for continued listing on the nasdaq capital market under nasdaq's listing rule 5550(b)(2). the nasdaq staff further noted that unless an appeal is made the company's securities will be scheduled for delisting from the nasdaq capital market and will be suspended at the opening of business on december 13, 2019, and a form 25-nse will be filed with the securities and exchange commission. the nasdaq staff further noted that the company has until 4:00 pm. eastern time on december 11, 2019 to file a hearing request. such a hearing request will stay the suspension of the company's securities and the filing of the form 25-nse bending the hearing panel's decision. the company intends to file a hearing request and provide to the hearing panel its plan to regain compliance with listing rule 5550(a)(2), and listing rule 5550(b)(2). the company has initiated a reverse stock split to address the per share pricing concerns noted. as part of the hearing request, the company will present our plan to address the remaining matters and to recapitalize the company, as provided under nasdaq rules. there can be no assurance that the company will successfully regain compliance with either the minimum bid price requirement or the mvls requirement rule. the company disclaims any intention to update this current report on form 8-k to disclose any action or response that the company may decide to take after the filing of this report, unless required by law, rule, or regulation.
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