Business Context and Reporting Period
Company: Intrusion, Inc. (INTZ)
Filing Type: Form 8-K (Current Report)
Date of Report: October 28, 2024
Reporting Period: Event date October 28, 2024
Business Context: The Company received a notice from the Nasdaq Stock Market regarding non-compliance with continued listing standards.
Key Financial Metrics
This filing is a current report regarding a listing deficiency and does not contain financial statements. Consequently, the filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Listing Status: The Company received a "Bid Price Notice" from Nasdaq indicating non-compliance with the $1.00 minimum bid price requirement (Rule 5550(a)(2)).
- Trigger Event: The closing bid price for the last 30 consecutive business days as of October 25, 2024, was below $1.00 per share.
- Immediate Effect: The notification had no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market.
Outlook, Risks, and Management Commentary
- Compliance Period: The Company has been granted 180 calendar days (until April 28, 2025) to regain compliance.
- Path to Compliance: Compliance can be achieved if the closing bid price is at least $1.00 per share for a minimum of ten consecutive business days during the initial period.
- Alternative Remedies: If the Company fails to regain compliance within the initial 180 days but meets other listing standards, it may be granted an additional 180 days to cure the deficiency, potentially by effecting a reverse stock split.
- Risks: There is no assurance that the Company will be able to regain compliance with the Minimum Bid Price Requirement.
- Management Action: The Company is monitoring the closing bid price and evaluating alternatives but has not yet made decisions regarding a specific response.
Investor Verification Checklist
- Verify the current closing bid price of INTZ common stock to assess proximity to the $1.00 threshold.
- Monitor future 8-K filings for announcements regarding a reverse stock split or other capital structure changes.
- Review the Company's upcoming quarterly reports (10-Q) for financial performance data not included in this filing.
- Confirm the status of the Company's compliance with other Nasdaq listing requirements (e.g., market value of publicly held shares).