Sealsq receives notice of non-compliance from Nasdaq

SEALSQ announced that on August 1, 2024, it received a notice from The Nasdaq Stock Market stating that the Company’s ordinary shares, par value US$0.01 per ordinary share, fail to comply with the $1.00 minimum bid price requirement for continued listing on Nasdaq in accordance with Nasdaq Listing Rule 5550(a)(2) based upon the closing bid price of the Company’s Ordinary Shares for the last 30 consecutive business days prior to the date of the Notice. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until January 28, 2025, to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Ordinary Shares must be at least $1.00 for at least 10 consecutive business days prior to January 28, 2025. If that occurs, Nasdaq would then provide a written confirmation of compliance and the matter will be closed. If the Company is unable to regain compliance by January 28, 2025, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the minimum bid price requirement. To qualify, the Company will be required to meet 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 will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180 calendar day period, then Nasdaq will notify the Company that its Ordinary Shares will be subject to delisting, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel. The Company intends to monitor the closing bid price of the Ordinary Shares and consider its available options to resolve the noncompliance with the minimum bid price requirement. Receipt of the Notice has no effect on the Company’s business operations.