Nasdaq Grants Oblong 180-Day Compliance Extension

Oblong, Inc. (NASDAQ:OBLG), a Jeffco-based company that specializes in collaboration solutions, announced on March 20, 2024, that it has been granted a 180-day extension by The Nasdaq Stock Market to regain compliance with the Bid Price Rule. The Nasdaq Listing Qualifications Department gave the official permission in written form.

This extension allows Oblong until September 16, 2024, to meet the minimum bid price requirement stipulated by Nasdaq Listing Rule 5550(a)(2). Regaining compliance necessitates the closing bid price of Oblong’s Common Stock to reach $1.00 or more per share for at least 10 consecutive business days at any point within this time frame.

Failure to satisfy the Bid Price Rule within the extension period implies that Nasdaq may delist Oblong’s Common Stock. The company would then be able to file an appeal against the delisting.

Oblong has expressed its intention to actively monitor the closing bid price of its Common Stock, contemplating potential options to regain compliance under Nasdaq Listing Rules, if deemed necessary. Nasdaq’s decision does not immediately impact the listing or trading of Oblong’s Common Stock, which will continue to trade on the Nasdaq Capital Market as “OBLG”.

Oblong’s patented technologies target the transformation of work, creation, and communication processes. The company’s main product is Mezzanine, a remote meeting platform with simultaneous content sharing capabilities designed for both in-room and remote collaborators. The technology is utilized by Fortune 500 and other enterprises. More information is available at Oblong’s website and social media pages.

Source: Press Release