Orbital Infrastructure Group announced that it received a letter from The Nasdaq Stock Market on August 18 notifying the Company that the Company’s failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30 in violation of Nasdaq’s continued listing requirements under Nasdaq Listing Rule 5250 serves as an additional basis for delisting the Company’s securities from Nasdaq, and the Nasdaq Hearings Panel will consider this matter in rendering a determination regarding the Company’s continued listing on Nasdaq. As previously disclosed, on December 28, 2022, the Company was notified by Nasdaq that the market value of its listed securities had been below the $35M minimum required for continued listing as set forth in Nasdaq Listing Rule 5550 for the previous 30 consecutive trading days. The Company was provided 180 calendar days, or until June 26 to regain compliance with Nasdaq Listing Rule 5550. To date, the Company has not regained compliance with Nasdaq Listing Rule 5550.
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