Boxlight Faces Nasdaq Delisting Warning Over Bid Price
Ticker: BOXL · Form: 8-K · Filed: Aug 28, 2024 · CIK: 1624512
Sentiment: bearish
Topics: listing-rule-violation, delisting-risk, compliance
Related Tickers: BOXL
TL;DR
Nasdaq says BOXL's stock price is too low, needs to hit $1 for 10 days by Feb 2025 or it's off the exchange.
AI Summary
Boxlight Corporation announced on August 27, 2024, that it received a notice from the Nasdaq Stock Market indicating a failure to meet the minimum bid price requirement for continued listing. The company has 180 calendar days, until February 24, 2025, to regain compliance by achieving a closing bid price of $1.00 or more for at least 10 consecutive business days.
Why It Matters
This notice signals potential delisting from Nasdaq, which could negatively impact the stock's liquidity and investor confidence.
Risk Assessment
Risk Level: high — Failure to meet the minimum bid price requirement poses a significant risk of delisting from the Nasdaq, which could severely impact the company's stock value and liquidity.
Key Numbers
- 180 — calendar days (Timeframe to regain compliance.)
- $1.00 — minimum bid price (Requirement for continued listing on Nasdaq.)
Key Players & Entities
- Boxlight Corporation (company) — The company filing the report.
- Nasdaq Stock Market (company) — The exchange that issued the notice.
- August 27, 2024 (date) — Date the notice was received.
- February 24, 2025 (date) — Deadline for regaining compliance.
- $1.00 (dollar_amount) — Minimum bid price required for continued listing.
FAQ
What specific rule did Boxlight Corporation fail to meet according to the Nasdaq notice?
Boxlight Corporation failed to meet the minimum bid price requirement for continued listing on the Nasdaq Stock Market.
What is the deadline for Boxlight Corporation to regain compliance with Nasdaq's listing rules?
The company has until February 24, 2025, to regain compliance.
What is the minimum closing bid price Boxlight Corporation must achieve to comply with Nasdaq's rules?
Boxlight Corporation must achieve a closing bid price of $1.00 or more.
For how many consecutive business days must the minimum bid price be met?
The minimum bid price must be met for at least 10 consecutive business days.
What is the consequence if Boxlight Corporation fails to regain compliance by the deadline?
If Boxlight Corporation fails to regain compliance, it risks delisting from the Nasdaq Stock Market.
Filing Stats: 678 words · 3 min read · ~2 pages · Grade level 14.9 · Accepted 2024-08-28 16:10:08
Key Financial Figures
- $0.0001 — hange on which registered Common Stock $0.0001 per share BOX L The Nasdaq Stock Market
Filing Documents
- boxl-20240828.htm (8-K) — 24KB
- 0001628280-24-038659.txt ( ) — 142KB
- boxl-20240828.xsd (EX-101.SCH) — 2KB
- boxl-20240828_lab.xml (EX-101.LAB) — 21KB
- boxl-20240828_pre.xml (EX-101.PRE) — 12KB
- boxl-20240828_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, on February 28, 2024, Boxlight Corporation, a Nevada corporation (the "Company"), received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based upon the closing bid price of the Company's Class A Common Stock for the previous 30 consecutive business days, the Company no longer met the requirements of Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until August 26, 2024, to regain compliance with the Bid Price Rule. On August 27, 2024, Nasdaq advised the Company in writing that, while the Company had not regained compliance with the Bid Price Rule, the Company had been granted an additional 180 calendar day extension, or until February 24, 2025, to regain compliance with the Bid Price Rule. Nasdaq's determination was based on the Company having met the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market, with the exception of the Bid Price Rule, and on the Company's written notice to Nasdaq of its intention to cure the deficiency during the extended compliance period by effecting a reverse stock split, if necessary. If the Company does not regain compliance with the Bid Price Rule by the end of the extended compliance period, the Staff will provide written notification to the Company that its Class A Common Stock will be subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a hearings panel. There can be no assurance that the Company will regain compliance with the Bid Price Rule or that the Company will otherwise maintain compliance with any of the other listing requ
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BOXLIGHT CORPORATION (Registrant) Dated: August 28, 2024 By: /s/ Dale Strang Dale Strang Chief Executive Officer