On April 27, 2023, VivoPower International received written notification from The Nasdaq Stock Market granting the Company’s request for a 180-day extension to regain compliance with Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Company now has until October 23, 2023, to meet the requirement.
Nasdaq’s determination is based on the Company meeting the continued listing requirement for the 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 requirement, and the Company’s written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
Nasdaq’s extension notice has no immediate effect on the continued listing status of the Company’s ordinary shares on the Nasdaq Capital Market under the symbol “VVPR”. If at any time during the additional 180-day extension, the bid price of the Company’s ordinary shares closes at, or above, $1.00 per share for a minimum of ten consecutive business days, Nasdaq staff will provide the Company with written confirmation of compliance and the matter will be closed.
The Company was first notified by Nasdaq that it no longer met the minimum bid price of $1.00 per share requirement, based on the closing bid price of the Company’s ordinary shares for the last 30 consecutive business days, on October 28, 2022, and was given an initial 180-day period, until April 26, 2023, to regain compliance.
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