Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing
Rule or Standard; Transfer of Listing.
On April 20, 2023, iMedia Brands, Inc. ("we", "us", "our", or the "Company")
received approval from the Nasdaq Stock Market ("Nasdaq") and determined to
affect the transfer of the listing of our common stock from the Nasdaq Global
Market to the Nasdaq Capital Market. This transfer will be effective at the
opening of business on Monday, April 24, 2023. Our common stock will continue to
trade under the symbol "IMBI." The Nasdaq Capital Market is a continuous trading
market that operates in substantially the same manner as the Nasdaq Global
Market and listed companies must meet certain financial requirements and comply
with Nasdaq's corporate governance requirements.
As previously reported, we were notified by Nasdaq on October 14, 2022, that for
the preceding 30 consecutive business days, the closing bid price of our common
stock listed on Nasdaq was below $1.00 per share and therefore we did not comply
with the minimum closing bid price requirement for continued listing on the
Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1). In anticipation of
not regaining compliance with Nasdaq Listing Rule 5450(a)(1) by April 12, 2023,
the end of our initial 180-day grace period, we applied to transfer the listing
of our common stock to the Nasdaq Capital Market.
We are now being afforded an additional 180-day grace period, or until
October 9, 2023, to regain compliance with the Nasdaq's minimum bid price
requirement. In order to regain compliance, the minimum bid price per share of
our common stock must be at least $1.00 for at least ten consecutive business
days during the additional 180-day grace period. If we fail to regain compliance
during this grace period, our common stock will be subject to delisting by
Nasdaq. We have provided written notice of our intention to cure the minimum bid
price deficiency during the second grace period by effecting a reverse stock
split if necessary.
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