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Collective Audience, Inc. (NASDAQ:CAUD), a leading innovator of audience-based performance advertising and media, has received two notifications from the listing qualifications department of The Nasdaq Stock Market. The notifications have no immediate effect on the continued listing of the company's common stock on the Nasdaq Global Market.
Nasdaq notified the company that it is not in compliance with the continued listing requirements regarding the timely filing of its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company has until June 24, 2024, to submit a plan to regain compliance. However, the company anticipates it will file the Form 10-K ahead of the June deadline.
The second notification is regarding the non-compliance of the company's common stock with Nasdaq's minimum bid price requirement. The company has until October 16, 2024, to regain compliance with this requirement. If at any time before this date the closing bid price of the stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will notify the company it has achieved compliance, and the matter will be resolved. If the company does not regain compliance before the October deadline, it has several alternative options available for regaining compliance.
"The delay in our Form 10-K is due to the lengthy de-SPAC transaction we completed at the end of last year, and the need for additional time to complete the related accounting and set the company on a solid foundation going forward," commented Collective Audience CEO, Peter Bordes. "We appreciate the additional time Nasdaq has allowed to complete this process and regain compliance."
"As an integral part of this process, we have been assessing our IP, assets and operations, and have refocused specifically on audience-based performance advertising and media," continued Bordes. "This evaluation culminated in the recent official launch of our revolutionary AudienceDesk™ powered by AudienceCloud™. We have also announced valuable new additions to our board of directors, two new major partnership, and two key accretive acquisitions that we expect to close over the coming weeks.
"The tremendous progress we have made on these fronts gives us confidence in our go-forward plan, and that we have the right foundation in place to regain Nasdaq compliance and continue to build shareholder value over the long term."
For additional information regarding the Nasdaq notifications and related terms, please see the Form 8-K the company filed with the SEC today and which is available at sec.gov.
Posted In: CAUD
