Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 25, 2023, authID Inc. (the "Company") received notice from The Nasdaq
Stock Market ("Nasdaq") that the closing bid price for the Company's common
stock had been below $1.00 per share for the previous 30 consecutive business
days, and that the Company is therefore not in compliance with the minimum bid
price requirement for continued inclusion on The Nasdaq Capital Market under
Nasdaq Listing Rule 5550(a)(2) (the "Rule").
Nasdaq's notice has no immediate effect on the listing or trading of the
Company's common stock on The Nasdaq Capital Market.
The notice indicates that the Company will have 180 calendar days, until July
24, 2023, to regain compliance with this requirement. The Company can regain
compliance with the $1.00 minimum bid listing requirement if the closing bid
price of its common stock is at least $1.00 per share for a minimum of ten (10)
consecutive business days during the 180-day compliance period. If the Company
does not regain compliance during the initial compliance period, it may be
eligible for additional time of 180 calendar days to regain compliance. To
qualify, the Company will be required to meet the continued listing requirement
for market value of our publicly held shares and all other Nasdaq initial
listing standards, except the bid price requirement, and will need to provide
written notice to Nasdaq of its intention to cure the deficiency during the
second compliance period. If the Company is not eligible or it appears to Nasdaq
that the Company will not be able to cure the deficiency during the second
compliance period, Nasdaq will provide written notice to the Company that the
Company's common stock will be subject to delisting. In the event of such
notification, the Company may appeal Nasdaq's determination to delist its
securities, but there can be no assurance that Nasdaq would grant the Company's
request for continued listing.
The Company intends to actively monitor the minimum bid price of its common
stock and may, as appropriate, consider available options to regain compliance
with the Rule. There can be no assurance that the Company will be able to regain
compliance with the Rule or will otherwise be in compliance with other Nasdaq
listing criteria.
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