Mobiquity Technologies, Inc 8-K, filed Dec 7, 2023
Mobiquity Technologies, Inc. (MOBQ)
About this 8-K
Mobiquity Technologies, Inc filed this 8-K on December 7, 2023, reporting on events of December 5, 2023.
Items reported
- Item 3.01: Delisting notice or listing transfer
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT Pursuant
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| Item 3.01 |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed, on November 22, 2022, the Listing Qualifications department of The Nasdaq Stock Market LLC (“Nasdaq”) notified Mobiquity Technologies, Inc. that it did not comply with the minimum $2,500,000 stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5550(b). On July 31, 2023 the Company was given a grace period until November 14, 2023 by the Nasdaq Hearings Panel (the "Panel") to regain the shareholder equity minimum. As of November 14, 2023, the Company’s stockholders’ equity was above the required $2,500,000 minimum stockholders' equity requirement. On December 5, 2023, the Company received a letter from the Panel notifying the Company, among other things, (a) that despite the Company’s claims of having regained compliance with a stockholder equity value of over $2.5 million, and its claims that it will see increased revenue in the new year, Nasdaq concluded that in light of the Company’s burn rate, the Company’s stockholder equity was below the minimum, and (b) that the Panel has determined to delist the Company’s securities from trading on Nasdaq, based on the Company’s historical financial information on expenses and burn rate, and the Panel’s view that the Company’s stockholders’ equity value is likely going to continue to remain below the level required to maintain compliance. Trading in the Company’s securities on Nasdaq will be suspended effective at the open of trading on December 7, 2023.
Following a suspension of trading in its securities on Nasdaq, the Company’s securities will be quoted on the OTC Markets. For quotes or additional information on the OTC Markets, you may visit http://www.otcmarkets.com.
Pursuant to applicable Nasdaq rules, the Company has the right to request that the Nasdaq Listing and Hearing Review Council review the Panel’s decision within 15 days following the date of the Panel’s letter. During the appeal period and the appeals process, trading in the Company’s securities on Nasdaq will remain suspended, and Nasdaq will not take further action to delist the Company’s securities.
The Company is currently evaluating whether or not to appeal Nasdaq’s decision. The evaluation will encompass an analysis of the benefits of continuing to be listed on Nasdaq compared to the substantial costs, including the extensive commitment of management’s time and resources for complying with various listing requirements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: December 6, 2023 | MOBIQUITY TECHNOLOGIES, INC. |
| By: /s/ Dean L. Julia | |
| Dean L. Julia, Chief Executive Officer |
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