Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 11, 2023, INVO Bioscience Inc. (the "Company") received a letter from
the staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") listing
qualifications group indicating that, based upon the closing bid price of the
Company's common stock for the last 30 consecutive business days, the Company is
not currently in compliance with the requirement to maintain a minimum bid price
of $1.00 per share for continued listing under Nasdaq Listing Rule 5550(a)(2).
The notice has no immediate effect on the listing of the Company's common stock,
and its common stock will continue to trade on The Nasdaq Capital Market under
the symbol "INVO."
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been
provided an initial period of 180 calendar days, or until July 10, 2023, to
regain compliance with the minimum bid price requirement. If at any time before
July 10, 2023, the closing bid price of the Company's common stock closes at or
above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will
provide written notification that the Company has achieved compliance with the
minimum bid price requirement, and the matter would be resolved. If the Company
does not regain compliance prior to July 10, 2023, then Nasdaq may grant the
Company a second 180 calendar day period to regain compliance, provided the
Company (i) meets the continued listing requirement for market value of
publicly-held shares and all other initial listing standards for The Nasdaq
Capital Market, other than the minimum closing bid price requirement, and (ii)
notifies Nasdaq of its intent to cure the deficiency within such second 180
calendar day period, by effecting a reverse stock split, if necessary.
The Company will continue to monitor the closing bid price of its common stock
and will consider implementing available options to regain compliance with the
minimum bid price requirement under the Nasdaq Listing Rules. If the Company
does not regain compliance with the minimum bid price requirement within the
allotted compliance periods, the Company will receive a written notification
from Nasdaq that its securities are subject to delisting. The Company would then
be entitled to appeal that determination to a Nasdaq hearings panel. There can
be no assurance that the Company will regain compliance during either compliance
period, or maintain compliance with the other Nasdaq listing requirements.
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