ShiftPixy Inc.

02/26/2024 | Press release | Distributed by Public on 02/26/2024 15:06

Failure to Satisfy Listing Rule - Form 8-K

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On February 26, 2024, ShiftPixy, Inc. (the "Company") received a letter (the "Nasdaq Letter") from the staff of the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), which notifies the Company that it does not presently comply with Nasdaq's Listing Rule 5550(b)(2), which requires that the Company maintain a Market Value of Listed Securities ("MVLS") of $35 million, and that the Company does not otherwise satisfy the requirements of Listing Rules 5550(b)(1) or 5550(b)(3). The Staff calculates MVLS based upon the most recent Total Shares Outstanding (TSO), multiplied by the closing bid price.

The Nasdaq Letter does not have any immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market, and the Company has 180 calendar days from the date of the Nasdaq Letter (the "Compliance Period") to regain compliance. If at any time during the Compliance Period the Company's MVLS closes at $35 million or more for a minimum of ten (10) consecutive business days, Nasdaq will provide the Company with written confirmation of compliance, and this matter will be closed. If the Company does not achieve compliance within the Compliance Period, it will receive written notice from Nasdaq that its securities are subject to delisting, which is a determination that the Company could appeal to the Nasdaq Hearings Panel.