Item 8.01. Other Events.
As previously reported, on July 6, 2022, IZEA Worldwide, Inc. (the "Company")
received a notification letter from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") stating that, for the prior 30 consecutive
business days, the closing bid price of the Company's listed securities had been
below the minimum of $1.00 per share required for continued inclusion on the
Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). In accordance with
its Listing Rules, Nasdaq afforded the Company 180 calendar days (until January
2, 2023) to regain compliance. The Company's common stock had not regained
compliance with the minimum bid price per share requirement as of such date.
Therefore, by letter dated December 20, 2022, the Company requested an
additional 180 days in which to regain compliance, including by effecting a
reverse stock split, if necessary.
On January 5, 2023, the Company received notice from Nasdaq informing the
Company that it had been granted an additional 180-day period, or until July 3,
2023, to regain compliance with the minimum bid price requirement. If at any
time during this second 180-day period the closing bid price of the Company's
common stock is at least $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq staff have stated it will provide written confirmation of
compliance. If compliance cannot be demonstrated by July 3, 2023, Nasdaq staff
will provide written notification that the Company's securities will be
delisted. At that time, the Company may appeal the staff's determination to a
hearings panel. We can give no assurance that the Company will regain or
demonstrate compliance by July 3, 2023 or that Nasdaq would grant any request
for an appeal to a hearings panel.
Forward Looking Statements
All statements in this current report that are not based on historical fact are
"forward-looking statements" intended to qualify for the safe harbor from
liability established by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, which are based on certain assumptions and describe
our future plans, strategies and expectations, can generally be identified by
the use of forward-looking terms such as "may," "will," "would," "could,"
"should," "expect," "anticipate," "hope," "estimate," "believe," "intend,"
"likely," "projects," "plans," "pursue," "strategy" or "future," or the negative
of these words or other words or expressions of similar meaning. Examples of
forward-looking statements include, among others, statements we make regarding
expectations concerning IZEA's ability to increase revenue and bookings, growth
or maintenance of customer relationships, and expectations concerning IZEA's
business strategy. Forward-looking statements involve inherent risks and
uncertainties which could cause actual results to differ materially from those
in the forward-looking statements, as a result of various factors including,
among others, the following: competitive conditions in the content and social
sponsorship segment in which IZEA operates; failure to popularize one or more of
the marketplace platforms of IZEA; our ability to establish maintain disclosure
controls and procedures and internal control over financial reporting; our
ability to satisfy the requirements for continued listing of our common stock on
the Nasdaq Capital Market; changing economic conditions that are less favorable
than expected; and other risks and uncertainties described in IZEA's periodic
reports filed with the Securities and Exchange Commission. The forward-looking
statements made in this current report speak only as of the date of this current
report, and IZEA assumes no obligation to update any such forward-looking
statements to reflect actual results or changes in expectations, except as
otherwise required by law.
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