(a) By letter dated April 17, 2020, Performant Financial Corporation (the “Company”) received notice from the Listing Qualifications Department of the NASDAQ Stock Market (“NASDAQ”) that based upon the closing bid price of the Company’s shares of common stock for the last 30 consecutive business days, the Company no longer meets the requirement set forth in NASDAQ Rule 5450(a)(1), which requires listed securities to maintain a minimum bid price of $1 per share (the “Minimum Bid Price Rule”). NASDAQ also notified the Company that due to the global market impact caused by COVID-19, NASDAQ has tolled the compliance periods for the Minimum Bid Price Rule through June 30, 2020. In accordance with NASDAQ Rule 5810(c)(3)(A) and the tolling of the Minimum Bid Price Rule compliance periods, the Company will be provided with a period of 180 calendar days starting July 1, 2020 to regain compliance with the Minimum Bid Price Rule. Accordingly, the Company may regain compliance with the Minimum Bid Price Rule if the bid price of its common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days at any time prior to December 28, 2020. The Company is considering available options to regain compliance with the Minimum Bid Price Rule.

Also on April 22, 2020, the Company issued a press release announcing the receipt of the notice from NASDAQ. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

(d) Exhibits

Performant Financial Corp Exhibit
EX-99.1 2 ex991continuedlistingrequi.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Performant Receives Continued Listing Standard Notice from NasdaqLIVERMORE,…
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About PERFORMANT FINANCIAL CORPORATION (NASDAQ:PFMT)

Performant Financial Corporation (Performant) provides technology-enabled recovery and related analytics services in the United States. The Company’s services identify and recover delinquent or defaulted assets and improper payments for both government and private clients in a range of markets. The Company provides its services on an outsourced basis where the Company handles many or all aspects of its clients’ recovery processes. The Company uses its technology-enabled services platform to provide recovery and analytics services in a range of markets for the identification and recovery of student loans, improper healthcare payments and delinquent state tax and federal treasury receivables. It provides recovery services to the government-supported student loan industry and its clients include the Department of Education and Guaranty Agencies, as well as private financial institutions. The Company provides recovery services related to improper payments in the healthcare market.