Xiao-I Corporation announced on July 15, 2024, that it received a notification letter dated July 11, 2024, from the Listing Qualifications Department of NASDAQ. The letter indicated that the company is no longer in compliance with the minimum bid price requirement.
The deficiency stems from the company's closing bid price per American Depository Share (ADS) remaining below $1.00 for a period of 30 consecutive business days. This non-compliance triggers a process that requires the company to regain compliance to maintain its listing.
The company must address this deficiency to avoid potential delisting from the NASDAQ exchange, which is a material concern for shareholders.
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