Maris-Tech Announces Receipt of Nasdaq Minimum Bid Price Notification
April 28 2023 - 3:11PM
Maris-Tech Ltd. (Nasdaq: MTEK) ("Maris-Tech" or the "Company"), a
B2B provider of edge AI accelerated video solutions for edge
platforms; today announced that it has received a written notice
(the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq")
indicating that the Company is not in compliance with the minimum
bid price requirement for continued listing set forth in Nasdaq
Listing Rule 5550(a)(2), which requires listed securities to
maintain a minimum bid price of $1.00 per share. Under Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been granted a grace
period of 180 calendar days to regain compliance with the minimum
bid price requirement. The Notice does not immediately affect the
Company's Nasdaq listing or the trading of its ordinary shares and
warrants. During the grace period, as may be extended, the
Company's ordinary shares and warrants will continue to trade on
Nasdaq under the symbol "MTEK" and “MTEKW”, respectively.
According to the Notice, the Company has until October 24, 2023,
to regain compliance with the minimum bid price requirement. The
Company can regain compliance if, at any time during this 180-day
period, the closing bid price of its ordinary shares is at least
$1.00 for a minimum of ten consecutive business days, in which case
the Company will be provided with written confirmation of
compliance and this matter will be closed. However, Nasdaq may, in
its discretion, require the Company's ordinary shares to maintain a
bid price of at least $1.00 for a period in excess of ten
consecutive business days, but generally no more than 20
consecutive business days, before determining that the Company has
demonstrated an ability to maintain long-term compliance. In the
event that the Company does not regain compliance after the initial
180-day period, the Company may then be eligible for an additional
180-day compliance period if it meets the continued listing
requirement for market value of publicly held shares and all other
initial listing standards for the Nasdaq Capital Market, with the
exception of the minimum bid price requirement. In this case, the
Company will need to provide written notice of its intention to
cure the deficiency during the second compliance period.
If the Company cannot demonstrate compliance by the allotted
compliance period(s), Nasdaq's staff will notify the Company that
its ordinary shares and warrants are subject to delisting.
Maris-Tech's continued listing on Nasdaq remains a key priority
for the Company. Should the situation not resolve itself over the
above-mentioned timeframe, the Company intends to consider
available options to cure the deficiency and regain compliance with
the minimum bid price requirement within the compliance period,
including a potential reverse share split.
About Maris-Tech Ltd.
Maris-Tech is a B2B provider of Video Streaming and AI
technology, founded by veterans of the Israel technology sector
with extensive electrical engineering and imaging experience. Our
products are designed to meet the growing demands of commercial and
tactical applications, delivering high-performance, compact, low
power and low latency solutions to companies worldwide, including
leading electro-optical payload, RF datalink and unmanned platform
manufacturers as well as defense, HLS, and communication companies.
For more information, visit https://www.maris-tech.com/.
Forward-Looking Statement Disclaimer
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor"
created by those sections. Forward-looking statements, which are
based on certain assumptions and describe our future plans,
strategies and expectations, can generally be identified by the use
of forward-looking terms such as "believe," "expect"," "may",
"should," "could," "seek, " "intend, " "plan, " "goal, " "estimate,
" "anticipate" or other comparable terms. For example, we are using
forward-looking statements when we are discussing regaining
compliance with Nasdaq’s continued listing requirements, and the
timing and effect thereof. Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not rely
on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: our ability to successfully
market our products and services, including in the United States;
the acceptance of our products and services by customers; our
continued ability to pay operating costs and ability to meet demand
for our products and services; the amount and nature of competition
from other security and telecom products and services; the effects
of changes in the cybersecurity and telecom markets; our ability to
successfully develop new products and services; our success
establishing and maintaining collaborative, strategic alliance
agreements, licensing and supplier arrangements; our ability to
comply with applicable regulations; and the other risks and
uncertainties described in the Annual Report on Form 20-F for the
year ended December 31, 2022, filed with the SEC and our other
filings with the SEC. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Investor Relations:
+972-72-2424022ir@maris-tech.com
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