ADDvantage Technologies Regains Compliance with Nasdaq Minimum Bid Price Requirement
04 Dezember 2023 - 10:05PM
ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage
Technologies” or the “Company”) today announced that on December 1,
2023, it received a notification letter (the “Notification Letter”)
from the Listing Qualifications Department of The Nasdaq Stock
Market LLC (“Nasdaq”) notifying the Company that it had regained
compliance with the minimum bid price requirement set forth in the
Nasdaq Listing Rule 5550(a)(2) (the “Nasdaq Capital Market Minimum
Bid Price Requirement”).
On June 7, 2023, the Company had received a
letter (the “Notice”) from Nasdaq notifying the Company that,
because the closing bid price for its common stock has been below
$1.00 per share for 30 consecutive business days, it was not in
compliance with the minimum bid price requirement for continued
listing on The Nasdaq Capital Market. Nasdaq Listing Rule
5550(a)(2) requires listed securities to maintain a minimum bid
price of $1.00 per share (the “Minimum Bid Price Requirement”), and
Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet
the Minimum Bid Price Requirement exists if the deficiency
continues for a period of 30 consecutive business days.
The Notification Letter notified the Company
that because the closing bid price of the Company’s common stock
was at $1.00 or greater for the prior 10 consecutive business days,
from November 16, 2023, to November 30, 2023, Nasdaq had determined
that Company has regained compliance with Nasdaq’s Minimum Bid
Requirement, and that Nasdaq considered the matter closed.
About ADDvantage Technologies Group,
Inc.
ADDvantage Technologies Group, Inc. (Nasdaq:
AEY) is a communications infrastructure services and equipment
provider operating a diversified group of companies through its
Wireless Infrastructure Services and Telecommunications segments.
Through its Wireless segment, Fulton Technologies provides turn-key
wireless infrastructure services including the installation,
modification and upgrading of equipment on communication towers and
small cell sites for wireless carriers, national integrators, tower
owners and major equipment manufacturers. Through its
Telecommunications segment, Nave Communications and Triton Datacom
sell equipment and hardware used to acquire, distribute, and
protect the communications signals carried on fiber optic, coaxial
cable and wireless distribution systems. The Telecommunications
segment also offers repair services focused on telecommunication
equipment and recycling surplus and related obsolete
telecommunications equipment.
ADDvantage operates through its subsidiaries,
Fulton Technologies, Nave Communications, and Triton Datacom. For
more information, please visit the corporate website
at www.addvantagetechnologies.com.
Forward-Looking Statements.This
Current Report on Form 8-K includes forward-looking statements.
These statements are made under the “safe harbor” provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as “intends,” “expects,”
“may,” “will,” and “would,” or the negative of such terms, or other
comparable terminology, and include statements about the Reverse
Stock Split and the impact, if any, of the Reverse Stock Split on
the Company and the trading price of the Common Stock.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties, which could
cause actual results to differ materially from the forward-looking
statements contained herein due to many factors. These
forward-looking statements and such risks, uncertainties and other
factors speak only as of the date of this Current Report on Form
8-K, and the Company expressly disclaims any obligation or
undertaking to update or revise any forward-looking statement
contained herein, or to reflect any change in our expectations with
regard thereto or any other change in events, conditions or
circumstances on which any such statement is based, except to the
extent otherwise required by applicable law.
For further information:Hayden IRBrett Maas(646)
536-7331aey@haydenir.com
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