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Intelligent Bio Solutions | 8-K: Current report

SEC announcement ·  Feb 21 06:09
Summary by Futu AI
Intelligent Bio Solutions Inc. (INBS), a medical technology company, has successfully regained compliance with two critical Nasdaq Listing Rules, as per the announcements made on February 16, 2024. The company had previously been notified of non-compliance due to its common stock bid price falling below the $1.00 minimum requirement and its stockholders' equity being below the Nasdaq Capital Market's minimum. However, after the closing bid price of INBS's common stock remained at $1.00 or higher for 11 consecutive business days, from January 29 to February 12, 2024, Nasdaq confirmed the company's compliance with the Minimum Bid Price Requirement. Additionally, a compliance plan submitted by INBS, which included a pro forma balance sheet showing stockholders' equity of $4,240,629 as of October 31, 2023, led to Nasdaq confirming the company's compliance with the Stockholders' Equity Requirement upon filing its Quarterly Report for the period ended December 31, 2023. These developments have resulted in Nasdaq considering the matter closed, and INBS issued a press release to report its regained compliance.
Intelligent Bio Solutions Inc. (INBS), a medical technology company, has successfully regained compliance with two critical Nasdaq Listing Rules, as per the announcements made on February 16, 2024. The company had previously been notified of non-compliance due to its common stock bid price falling below the $1.00 minimum requirement and its stockholders' equity being below the Nasdaq Capital Market's minimum. However, after the closing bid price of INBS's common stock remained at $1.00 or higher for 11 consecutive business days, from January 29 to February 12, 2024, Nasdaq confirmed the company's compliance with the Minimum Bid Price Requirement. Additionally, a compliance plan submitted by INBS, which included a pro forma balance sheet showing stockholders' equity of $4,240,629 as of October 31, 2023, led to Nasdaq confirming the company's compliance with the Stockholders' Equity Requirement upon filing its Quarterly Report for the period ended December 31, 2023. These developments have resulted in Nasdaq considering the matter closed, and INBS issued a press release to report its regained compliance.
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