Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
As previously disclosed, on July 6, 2022, Boxlight Corporation, a Nevada
corporation (the "Company"), received a deficiency letter from the Listing
Qualifications Department (the "Staff") of the Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that, for the preceding 30 consecutive business
days, the closing bid price for the Company's Class A common stock (the "Common
Stock") was trading below the minimum $1.00 per share requirement for continued
inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule
5450(a)(1) (the "Bid Price Requirement"). The notification from Nasdaq had no
immediate effect on the Company's Nasdaq listing and the Company's Common Stock
will continue to trade on Nasdaq under the ticker symbol "BOXL."
In accordance with Nasdaq Rules, the Company was provided with an initial period
of 180 calendar days, or until January 2, 2023 (the ("Initial Grace Period"), to
regain compliance with the Bid Price Requirement. Because the Initial Grace
Period was coming to an end and the Company had not yet regained compliance, in
December 2022, the Company submitted a request to Nasdaq to obtain an additional
180-day grace period (the "Additional Grace Period") to regain compliance with
the Bid Price Requirement. On January 3, 2023, the Company received formal
approval from Nasdaq granting it an additional 180 days, or until July 3, 2023
(the "Compliance Date"), to regain compliance with the Bid Price Requirement.
If at any time before the Compliance Date the closing bid price for the
Company's Common Stock is at least $1.00 for a minimum of 10 consecutive
business days, the Staff will provide the Company written confirmation of
compliance with the Bid Price Requirement. If the Company does not regain
compliance with the Bid Price Requirement by the Compliance Date, the Staff will
provide written notification to the Company that its Common Stock will be
subject to delisting. At that time, the Company may appeal the Staff's delisting
determination to a Nasdaq Hearings Panel. There can be no assurance that the
Company will regain compliance or otherwise maintain compliance with any of the
other listing requirements. Nonetheless, the Company intends to monitor the
closing bid price of its Common Stock and will, if necessary, consider available
options to regain compliance with the Bid Price Requirement prior to the
Compliance Date.
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