Semantix Provides Update Regarding Nasdaq Minimum Bid Price Compliance
January 05 2024 - 3:08PM
Semantix, Inc. (NASDAQ: STIX), a leading Latin American enterprise
AI platform and applications provider, today announced that on
January 2, 2024 it received a written notice (the “Notice”) from
The Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not in
compliance with the minimum bid price requirement of US$1.00 per
share set forth in Nasdaq Rules, based on the closing bid price of
the Company’s Ordinary Shares for the last 34 consecutive business
days from November 10, 2023 to December 29, 2023.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company has been provided with an initial 180 calendar days
period, ending on July 1, 2024, to regain compliance with the
Listing Rules. To regain compliance, the Company’s Ordinary Shares
must have a closing bid price of at least US$1.00 for a minimum of
ten consecutive business days. If the Company does not regain
compliance within this initial period, it may be eligible for an
additional 180 calendar days period, pursuant to Nasdaq Listing
Rule 5810(c)(3)(A)(ii), provided that it meets the applicable
market value of publicly held shares requirement for continued
listing and all applicable standards for initial listing on the
Nasdaq Capital Market (except the Minimum Bid Price Requirement)
and notifies Nasdaq of its intent to cure this deficiency during
this second compliance period. If the Company has not regained
compliance by the end of the second period granted by Nasdaq, the
securities will be subject to delisting, pending an appeal to the
Nasdaq Hearing Panel.
The Notice is not expected to have any impact on
the Company’s business operations or listing of the Company’s
Ordinary Shares, which will continue to be listed and traded on
Nasdaq. The Company intends to monitor the closing bid price of its
Ordinary Shares and will, if appropriate, consider implementing
available options, including, but not limited to, implementing a
reverse stock split of its Ordinary Shares, to regain compliance
with the minimum bid price requirement under the Listing Rules.
Investor ContactAdriano AlcaldeChief Financial
Officer & IRir@semantix.ai
Press
Contactsemantix@rpmacomunicacao.com.brSource: Semantix,
Inc
About Semantix
Semantix is Latin America’s first fully
integrated data and enterprise AI software
platform. Semantix has more than 300 clients with
operations in approximately 15 countries using Semantix’s software
and services to enhance their businesses. The company was founded
in 2010 by CEO Leonardo Santos. For more information,
visit www.semantix.ai.
Semantix Forward Looking
Statements:
This press release contains certain
forward-looking statements within the meaning of the federal
securities laws, including, but not limited to, statements
regarding Semantix, Inc.’s intentions with respect to regaining
compliance with the Listing Rules (including the possibility of
implementing a reverse stock split and any beneficial effect
thereof) and the anticipated impact of the Notice on its
operations. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections, and other
statements about future events that are based on management’s
current expectations with respect to future events and are based on
assumptions and subject to risk and uncertainties and subject to
change at any time. Actual events or results may differ materially
from those contained in the projections or forward-looking
statements. Factors that could cause actual future events to differ
materially from the forward-looking statements in this
communication include those discussed in Semantix’s filings with
the U.S. Securities and Exchange Commission (“SEC”), including in
the section titled “Risk Factors” in our Annual Report on Form 20-F
for the year ended December 31, 2022 (the “2022 Form 20-F”) on file
with the SEC, all of which are available at www.sec.gov.
Forward-looking statements speak only as of the date they are made.
You are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation to, and does not
intend to, update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise.
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