TEL AVIV, ISRAEL / ACCESSWIRE / April 26, 2024 / A2Z Smart Technologies Corp. ("A2Z") ("Company"), (NASDAQ:AZ), a global leader in innovative technology solutions, announced today that the Company received notices from the Nasdaq Stock Market LLC ("Nasdaq") on April 24, 2024, notifying the Company that it is not in compliance with Nasdaq's minimum bid price requirement and minimum market value of listed securities ("MVLS") requirement.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until October 21, 2024 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common shares is at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the Company with a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance by October 21, 2024, the Company may be eligible for an additional 180 calendar day grace period if it meets certain requirements.
Nasdaq Listing Rule 5550(b)(2) requires listed securities to maintain a minimum MVLS of $35 million, calculated as total shares outstanding multiplied by the closing bid price, and Listing Rule 5810(c)(3)(C) provides that a failure to meet this requirement exists if the deficiency continues for a period of 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has 180 calendar days, or until October 21, 2024, to regain compliance with Nasdaq's minimum MVLS rule. If at any time prior to the compliance period ending October 21, 2024, the Company's MVLS closes at $35 million or more for a minimum of ten consecutive business days, Nasdaq will provide the Company with a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance prior to October 21, 2024, Nasdaq will provide written notice to the Company that its securities are subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel.
Receipt of these notices does not impact the Company's listing on Nasdaq at this time. The Company intends to monitor its bid price and MVLS between now and October 21, 2024 and intends to cure the deficiencies within the prescribed grace period. During this time, the Company expects that the common shares of the Company will continue to be listed and trade on Nasdaq. The Company's management is looking into various options available to regain compliance and maintain its continued listing.
The Company's business operations are not affected by the receipt of either notice letter.
About A2Z
A2Z Smart Technologies Corp. brings innovation, ease, excitement and value to retailers and shoppers. The Company is transforming brick-and-mortar retail with innovative smart shopping cart solutions that digitize the in-store shopping experience. The proven-in-use, friendly, sensor rich, AI driven carts enhance customer satisfaction and loyalty, minimize shrinkage, optimize retailers' operations and enable new business models. The smart carts streamline in-store shopping by enabling in-cart scanning and payment, allowing users to bypass checkout lines while alleviating labor shortages. Retailers can optimize merchandising, store layouts and promotions from data-driven insights, while shoppers get real-time information and personalized offers, turning a necessary chore into a fun and rewarding experience.A2Z Smart Technologies Corp. brings innovation, ease, excitement and value to retailers and shoppers. The Company is transforming brick-and-mortar retail with innovative smart shopping cart solutions that digitize the in-store shopping experience. The proven-in-use, friendly, sensor rich, AI driven carts enhance customer satisfaction and loyalty, minimize shrinkage, optimize retailers' operations and enable new business models. The smart carts streamline in-store shopping by enabling in-cart scanning and payment, allowing users to bypass checkout lines while alleviating labor shortages. Retailers can optimize merchandising, store layouts and promotions from data-driven insights, while shoppers get real-time information and personalized offers, turning a necessary chore into a fun and rewarding experience.
Cautionary Statement Regarding Forward-looking Statements
Matters discussed in this press release may contain forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company's filings on EDGAR and with the SEC. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. Forward-looking statements contained in this announcement are made as of this date, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein.
Company Contact:
Gadi Graus, CEO
[email protected]
+972-3-3732328
Investor Contact:
Brett Maas, Managing Principal, Hayden IR, LLC
[email protected]
(646) 536-7331
SOURCE: A2Z Smart Technologies Corp.