Business Context and Reporting Period
This Form 6-K filing by Locafy Ltd covers the month of July 2022. The report addresses a regulatory deficiency notification received from the Nasdaq Stock Market LLC regarding the company's compliance with listing standards.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a disclosure of a listing deficiency and does not contain financial performance data.
Material Changes
On June 30, 2022, the Company received a deficiency notification from Nasdaq indicating non-compliance with Listing Rule 5550(a)(2). The bid price for the Company's Ordinary Shares closed below $1.00 per share for the previous 30 consecutive business days.
Guidance, Outlook, and Risks
- Compliance Timeline: The Company has 180 calendar days from the notice date, until December 27, 2022, to regain compliance.
- Remediation Requirement: To regain compliance, the bid price must close at $1.00 per share or more for a minimum of 10 consecutive business days.
- Current Status: The deficiency notice has no immediate effect on the listing or trading of the shares. The Company is currently evaluating alternatives to resolve the issue.
Investor Verification Checklist
- Verify the current bid price of Locafy Ltd Ordinary Shares to assess progress toward the $1.00 threshold.
- Monitor for future announcements regarding the Company's selected strategy to regain Nasdaq compliance before the December 27, 2022 deadline.
- Review subsequent filings for any updates on the evaluation of alternatives to resolve the listing deficiency.