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SRAX, Inc. (NASDAQ:SRAX), a financial technology company that unlocks data and insights for publicly traded companies, today announced that on October 14, 2022, the Company received notice from the Nasdaq Listing Qualifications Staff (the "Staff") indicating that the Staff had determined to delist the Company's securities from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Staff's determination was based upon the Company's non-compliance with the filing requirement set forth in Nasdaq Listing Rule 5250(c)(1). On October 12, 2022, the Company filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 with the Securities and Exchange Commission (the "SEC"); however, the Company has not yet filed the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 with the SEC.
The Company plans to timely request a hearing before the Panel and, in accordance with Nasdaq Listing Rule 5815(a)(1)(B), a stay of any further suspension or delisting action by Nasdaq at least pending the issuance of a decision and the expiration of any extension that may be granted by the Panel following the hearing.
At the hearing, the Company will present its plan to evidence compliance with the Filing Requirement and request an extension of time to do so. The Company is diligently working to file all necessary periodic reports with the SEC as soon as practicable; however, there can be no assurance that the Panel will determine to continue the Company's listing on Nasdaq or that the Company will be able to timely satisfy the terms of any extension that may be granted by the Panel as a result of the hearing.
Posted In: SRAX
