Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard? Transfer of Listing.
As previously disclosed, on July 5, 2019, SITO Mobile, Ltd. (the "Company")
received a written notification from the Listing Qualifications Staff of the
Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the closing bid
price for its common stock had been below $1.00 for the last 30 consecutive
business days and that the Company therefore was not in compliance with the
minimum bid price requirement for continued inclusion on the Nasdaq Capital
Market under Nasdaq Listing Rule 5550(a)(2). Nasdaq notified the Company that
the failure to comply with this requirement served as a basis for delisting the
Company's securities from the Nasdaq Capital Market. As also previously
disclosed, on February 11, 2020, the Company received a written notification
from Nasdaq notifying the Company that it failed to comply with Nasdaq Listing
Rule 5550(b)(1) because the Company's Form 10-Q for the period ended September
30, 2019 reported the Company's stockholders' equity fell below the required
minimum of $2,500,000 and, as of February 10, 2020, the Company does not meet
the alternatives of market value of listed securities or net income from
continuing operations standards for continued listing. Nasdaq notified the
Company that this matter served as an additional basis for delisting the
Company's securities from the Nasdaq Capital Market.
On January 13, 2020, the Company requested a hearing from the Nasdaq hearing
panel to discuss listing deficiencies. A hearing was held on February 20, 2020.
On March 6, 2020, the Company received a letter from the Nasdaq Hearings Panel
(the "Panel") stating that the Panel had affirmed Nasdaq's delisting decision
and had determined to delist the Company's securities from the Nasdaq Capital
Market, and suspension of trading in the Company's securities would be effective
at the open of business on March 10, 2020.
The Company does not intend to appeal the determination and, therefore, it is
expected that the common stock will be delisted. Nasdaq will complete the
delisting by filing a Notification of Removal from Listing and/or Registration
under Section 12(b) of the Securities and Exchange Act of 1934 on Form 25 with
the Securities and Exchange Commission after applicable appeal periods have
lapsed.
The Company expects to apply for quotation of its common stock on an appropriate
tier of the OTC Markets.
1
© Edgar Online, source Glimpses