ShiftPixy : Failure to Satisfy Listing Rule - Form 8-K
September 19, 2023 at 01:39 am IST
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule.
On September 15, 2023, ShiftPixy, Inc. (the "Company") received a letter from the staff of the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), which notifies the Company that, for the previous 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq's Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").
The notification of noncompliance has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), if during the 180 calendar days following the date of the notification, or prior to March 13, 2024, the closing bid price of the Company's common stock is at or above $1.00 for a minimum of ten consecutive business days, the Staff will provide the Company with written confirmation of compliance.
If the Company does not achieve compliance with the Minimum Bid Price Requirement by March 13, 2024, the Company may be eligible for an additional 180 calendar days compliance period if the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and provides written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal the Staff's determination to delist its securities, but the Staff may refuse to grant the Company's request for continued listing. If during any compliance period the Company's common stock has a closing bid price of $0.10 or less for ten consecutive trading days, the Staff shall issue a Delisting Determination under Nasdaq Listing Rule 5810 with respect to that security.
There can be no assurance that the Company will successfully regain compliance with the Minimum Bid Price Requirement within the extension period, or at all.
ShiftPixy Inc. published this content on 18 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2023 20:08:04 UTC.
ShiftPixy, Inc. is a specialized human capital service provider that provides solutions for contingent part-time workforce demands, primarily in the restaurant and hospitality service trades. It provides payroll and related employment tax processing, human resources, employment compliance, insurance related, and operational employment services solutions for its business clients (clients or operators) and shift work (gig) opportunities for worksite employees (WSEs or shifters). The services provided to its clients ranges from basic payroll processing to a suite of human resources information systems (HRIS) technology. It functions as an employment administrative services (EAS) provider through its subsidiary, ReThink Human Capital Management, Inc., as well as a staffing provider through another of its subsidiaries, ShiftPixy Staffing, Inc (Staffing). These subsidiaries provide a range of services to its clients, such as administrative services and workersâ compensation administration.
SHIFTPIXY, INC. 
