Summary by Futu AI
On April 3, 2024, Banzai International, Inc., a Delaware-incorporated company listed on The Nasdaq Global Market under the trading symbol BNZI, received notifications from Nasdaq regarding non-compliance with two listing requirements. The first notification indicated that the company's Class A common stock had not met the minimum bid price of $1.00 per share for 30 consecutive business days, as required by Nasdaq Listing Rule 5450(a)(1). The second notification concerned the company's Market Value of Publicly Held Shares (MVPHS), which fell below the required minimum of $15 million for the same period, violating Nasdaq Listing Rule 5450(b)(2)(C). These notifications are not immediate threats to Banzai International's listing but serve as deficiency notices. The company has been given 180 calendar days, until September 30, 2024, to regain compliance with both the minimum bid price and MVPHS requirements. Banzai International plans to actively monitor its stock performance and consider options to address these deficiencies. However, there is no guarantee that the company will achieve or maintain compliance with the Nasdaq listing standards.