Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously disclosed, on January 23, 2023, Orbital Infrastructure Group, Inc.
(the "Company") received a delisting determination letter from the staff of The
Nasdaq Stock Market LLC ("Nasdaq") due to the Company not regaining compliance
with the $1.00 per share bid price requirement prior to the end of its grace
period. Accordingly, on January 25, 2023, the Company requested a hearing before
the Nasdaq Hearings Panel (the "Panel"). That hearing was held on March 9, 2023.
On March 22, 2023, the Company received a written decision from the Panel
granting its request for continued listing on Nasdaq, subject to the condition
that, on May 5, 2023, the Company will have demonstrated compliance with the Bid
Price Requirement, as set forth in Listing Rule 5550(a)(2), by evidencing a
closing price of $1.00 or more per share for a minimum of 10 consecutive trading
days. The Panel noted that the Company should be afforded time to implement its
compliance plan in light of the fact that the Company has already initiated the
process to complete the reverse split and given the short duration of the
exception period requested.
Further, the Company is currently deficient with the Market Value of Listed
Securities ("MVLS") requirement, as set forth in Nasdaq Listing Rule 5550(b)(2).
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been
afforded 180 calendar days, or until June 26, 2023, to regain compliance. The
Company is working to regain compliance with the MVLS requirement as soon as
possible.
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