Sonic Foundry Announces Delisting from Nasdaq
04 Dezembro 2023 - 6:05PM
Business Wire
Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader in
developing comprehensive video recording and streaming solutions
for corporations, health organizations and government entities
today announced that the Company received a final delisting notice
from Nasdaq on December 1, 2023. The delisting is a result of
failure to satisfy the $1.00 minimum bid price listing requirement
in Nasdaq Listing Rule 5550(a)(2) and failure to comply with
Nasdaq’s $2,500,000 minimum stockholders’ equity requirement for
continued listing or any of the alternative requirements in Listing
Rule 5550(b). Suspension of trading in the Company’s common stock
on the Nasdaq exchange will be effective at the open of trading on
December 5, 2023.
Sonic Foundry CEO Joe Mozden, Jr. commented, “While we are
disappointed in the Nasdaq delisting, this does not deter us from
our long-term strategy of transforming Sonic Foundry into a
high-growth company by launching new businesses and services. To
that end, we are excited about the progress we have made with our
newest businesses, Global Learning Exchange™ and Vidable®. Each
addresses real-world challenges in their respective markets where
we continue to draw interest from prospects and are now starting to
secure our first contracts.”
The Company expects its common stock will commence trading on
the OTC Markets Group platform at the open of trading on December
5, 2023, under the symbol “SOFO” and the Company plans to apply to
trade on the OTCQB Market or other OTC market in the coming
weeks.
About Sonic Foundry
Founded in 1991 and headquartered in Madison, Wis., Sonic
Foundry (NASDAQ: SOFO) is dedicated to transforming how the world
works and learns through innovative and scalable technology
solutions. We help customers maximize the value of their video
initiatives and infrastructure while leveraging our expertise and
global footprint to help unlock a smarter, more connected world for
learners, workers, and entrepreneurs everywhere. Sonic Foundry’s
family of brands includes Mediasite®, Video Solutions, Vidable™ and
Global Learning Exchange™, which are trusted by thousands of
educational institutions, corporations, and health care
organizations in dozens of countries around the world. For more
information visit www.sonicfoundry.com.
Forward Looking Statements
This news release contains forward-looking statements about the
products and services of Sonic Foundry within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements include
statements about the Company’s expectations regarding the trading
of its common stock on the OTC Markets Group platform and any
application it may make to trade on the OTCQB or other OTC market,
our products and services, our customer base, strategic
investments, new partnerships, our future operating results, and
any statements we make about the Company’s future. Forward-looking
statements include statements that are not historical facts and can
be identified by terms such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “seek,” “should,” “will,” “would” or similar
expressions and the negatives of those terms These types of
statements address matters that are subject to many risks and
uncertainties. Actual results could differ materially from the
forward-looking guidance we provide. Any forward-looking statements
should be considered in context of the risk factors disclosed in
our annual report on Form 10-K and our other filings with the SEC.
These filings can be accessed on-line at www.sec.gov and other
websites or can be obtained from the Company’s investor relations
department. All of the information and disclosures we make in this
news release regarding our business, including any forward-looking
guidance, are as of the date given and we assume no obligation to
update or change this information, regardless of subsequent
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204919486/en/
Media Contact: Sonic Foundry Eamon Doyle 608.310.5891
eamon.doyle@sonicfoundry.com
Sonic Foundry (NASDAQ:SOFO)
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