Summary by Futu AI
On February 26, 2024, ShiftPixy, Inc., a company listed on the Nasdaq Capital Market, received a notification from the Nasdaq Listing Qualifications Department indicating the company's non-compliance with the Nasdaq's Listing Rule 5550(b)(2). This rule requires ShiftPixy to maintain a Market Value of Listed Securities (MVLS) of at least $35 million. The company's failure to meet this standard also means it does not meet the alternative compliance standards set by Listing Rules 5550(b)(1) or 5550(b)(3). Despite this setback, the Nasdaq Letter does not immediately affect the listing of ShiftPixy's common stock. The company has been granted a 180-day Compliance Period to regain compliance. During this period, if ShiftPixy's MVLS reaches or exceeds $35 million for at least ten consecutive business days, Nasdaq will confirm the company's compliance and close the matter. Failure to comply within the allotted time may lead to delisting, although ShiftPixy would have the right to appeal such a decision to the Nasdaq Hearings Panel.