Maris-Tech receives Nasdaq minimum bid price notification

Maris-Tech announced it has received a written notice "from Nasdaq Stock Market LLC indicating that the company is not in compliance with the minimum bid price requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share. Under Nasdaq Listing Rule 5810(c)(3)(A), the company has been granted a period of 180 calendar days to regain compliance with the minimum bid price requirement. The Notice has no immediate effect on the company’s Nasdaq listing or the trading of its ordinary shares and warrants, and during the grace period, as may be extended, the company’s ordinary shares and warrants will continue to trade on Nasdaq under the symbol "MTEK". According to the Notice, the Company has until July 17, 2023 to regain compliance with the minimum bid price requirement. The Company can regain compliance, if at any time during this 180-day period, the closing bid price of its ordinary shares is at least $1.00 for a minimum of ten consecutive business days, in which case the company will be provided with written confirmation of compliance and this matter will be closed. In the event that the company does not regain compliance after the initial 180-day period, the company may then be eligible for an additional 180-day compliance period if it 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. In this case, the company will need to provide written notice of its intention to cure the deficiency during the second compliance period.