Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On February 11, 2020, SITO Mobile, Ltd. (the "Company"), received a written
notification ("Letter") from the Listing Qualifications Staff of the Nasdaq
Stock Market LLC ("Nasdaq") notifying the Company that it fails to comply with
Nasdaq Listing Rule 5550(b)(1) because the Company's Form 10-Q for the period
ended September 30, 2019 reported the Company's stockholders' equity fell below
the required minimum of $2,500,000 and as of February 10, 2020, the Company does
not meet the alternatives of market value of listed securities or net income
from continuing operations standards for continued listing. Nasdaq notified the
Company that this matter serves as an additional basis for delisting the
Company's securities from The Nasdaq Stock Market.
On January 13, 2020, in response to previously disclosed notifications from
Nasdaq regarding the delisting of the Company's shares, the Company requested a
hearing from the Nasdaq hearing panel to discuss listing deficiencies. The
Company's request for hearing was granted and the hearing has been scheduled for
February 20, 2020. At the hearing, the Company will set forth its plan to regain
compliance with various Nasdaq Listing Rules. Pursuant to the Letter, discussion
of the minimum stockholders' equity requirement is to be included at the
hearing. The delisting of the Company's stock has been stayed pending a
determination by the Nasdaq Hearing Panel.
The Company intends to actively consider available options to resolve the
deficiency and regain compliance with Nasdaq's minimum stockholders' equity
requirement. There can be no assurance that Nasdaq will accept the Company's
compliance plan, that the Company will be able to regain compliance with the
minimum stockholders' equity rule, or will otherwise be in compliance with other
Nasdaq Listing Rules including, without limitation, the minimum bid requirement.
© Edgar Online, source Glimpses