SITO MOBILE, LTD. (NASDAQ:SITO) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 20, 2019, SITO Mobile, Ltd. (the “Company”) received a written notification (the “Notice”) from the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Periodic Financial Reporting Requirement”) because it has not yet filed its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019 (the “Filing”). The deficiency letter does not result in the immediate delisting of the Company’s common stock from the Nasdaq Capital Market.
According to Nasdaq Listing Rules, the Company has a period of 60 calendar days from the date of the Notice, or until January 20, 2020 (the “Compliance Date”), to submit to Nasdaq a plan to regain compliance with the Periodic Financial Reporting Requirement. If Nasdaq accepts the Company’s plan, Nasdaq may grant an exception of up to 180 calendar days (the “Exception Period”) from the Filing’s due date, or until May 18, 2020, for the Company to regain compliance. Any subsequent periodic filing that is due within the Exception Period can be filed within such period. If Nasdaq does not accept the Company’s plan, the Company may appeal Nasdaq’s determination to delist its securities, but there can be no assurance that Nasdaq would grant the Company’s request for continued listing of its securities.
The Company expects to make the Filing in the near future. However, there can be no assurance that Nasdaq will accept the Company’s compliance plan, that the Company will be able to regain compliance with the Periodic Financial Reporting Requirement, or will otherwise be in compliance with other Nasdaq Listing Rules.
Item 7.01. Regulation FD Disclosure.
On November 26, 2019, the Company issued a press release regarding the matters discussed in Item 3.01, a copy of which is attached hereto as Exhibit 99.1.
The information in this Item 7.01 and Exhibit 99.1 attached hereto is furnished to the rules and regulation of the SEC and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Description | |
| 99.1 | Press Release of SITO Mobile, Ltd. dated November 26, 2019 |
SITO MOBILE, LTD. Exhibit
EX-99.1 2 f8k112219ex99-1_sitomobile.htm PRESS RELEASE OF SITO MOBILE,…
To view the full exhibit click here
About SITO MOBILE, LTD. (NASDAQ:SITO)
SITO Mobile, Ltd. operates a mobile location-based advertising platform serving businesses, advertisers and brands. The Company’s offerings include SITO Location-Based Advertising and SITO Mobile Messaging. SITO Location-Based Advertising delivers display advertisements and videos on behalf of advertisers, including various features, such as Geo-fencing, Verified walk-in, Behavioral Targeting, and Analytics and Optimization. Geo-fencing targets customers within a certain radius of location and uses technology to push coupons, advertisements and promotions to mobile applications. Verified Walk-in tracks foot-traffic to locations and which advertisements drive action. Behavioral Targeting tracks past behaviors over 30 to 90 day increments allowing for real-time campaign management. Analytics and Optimization is a culling and building measurement system. SITO Mobile Messaging is a platform for building and controlling programs, including messaging and customer incentive programs.
