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Locafy Believes it has Regained Compliance with Nasdaq's Stockholders' Equity Requirement
Company Granted Exception to Nasdaq Listing Rule Subject to Certain Conditions
PERTH, Australia, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Locafy Limited (NASDAQ:LCFY, LCFYW))))) ("Locafy" or the "Company"), received a letter (the "Letter") on August 24, 2023, from The Nasdaq Hearings Panel ("Panel") informing the Company that it had been granted an exception to Nasdaq Listing Rule 5550(b)(1) regarding the minimum stockholders' equity required for continued listing on Nasdaq (the "Stockholders' Equity Requirement") until October 31, 2023, subject to certain conditions.
Locafy believes that it has regained compliance with the Stockholders' Equity Requirement due to a series of initiatives, including cost-cutting measures and capital allocation prioritization efforts. In addition, the Company is encouraged by promising indications from the recently announced Keystone SEO technology agreement with a U.S.-based media publisher, following highly successful in-market trials. Several subscription deals have recently been signed with the publisher's end customers after an initial launch of the product to market.
Locafy presented its appeal to the Panel on August 17, 2023. As part of the hearing, the Company presented to the Panel that it has already regained compliance with the Stockholders' Equity Requirement as of June 30, 2023, and that it expects to maintain compliance over the course of the next year. The exception granted by the Panel in the Letter is subject to certain conditions, including that the Company file an annual report on Form 20-F for the year ended June 30, 2023, by October 31, 2023, demonstrating compliance with the Stockholders' Equity Requirement.
The Panel reserves the right to reconsider the terms of the conditional exception granted based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company's ordinary shares on Nasdaq inadvisable or unwarranted. In addition, the Nasdaq Listing and Hearing Review Council may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the Letter and modify, reverse, dismiss or remand the decision of the Panel.
For more information, please visit the Company's investor relations website at investor.locafy.com.
Posted In: LCFY
