ParaZero Announces Receipt of Nasdaq Minimum Bid Price Notification
February 09 2024 - 4:15PM
ParaZero Technologies Ltd. (Nasdaq: PRZO) (the "Company” or
“ParaZero”), an aerospace company focused on drone safety systems
for commercial drones and urban air mobility aircraft, today
announced it has received a written notice (the “Notice”) from the
Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is
not in compliance with the minimum bid price requirement for
continued listing set forth in Nasdaq Listing Rule 5550(a)(2),
which requires listed securities to maintain a minimum bid price of
$1.00 per share.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a period of 180 calendar days compliance period, or
until August 6, 2024, to regain compliance with the minimum bid
price requirement. The Company can regain compliance, if at any
time during this 180-day period, the closing bid price of its
ordinary shares is at least $1.00 for a minimum of ten consecutive
business days, in which case the Company will be provided with
written confirmation of compliance and this matter will be closed.
In the event that the Company does not regain compliance after the
initial 180-day period, the Company may then be eligible for an
additional 180-day compliance period if it meets the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for the Nasdaq Capital Market,
with the exception of the minimum bid price requirement. In this
case, the Company will need to provide written notice of its
intention to cure the deficiency during the second compliance
period. If the Company cannot demonstrate compliance by the
allotted compliance period(s), Nasdaq’s staff will notify the
Company that its ordinary shares are subject to delisting.
The Notice has no immediate effect on the Company’s Nasdaq
listing or the trading of its ordinary shares, and during the grace
period, as may be extended, the Company’s ordinary shares will
continue to trade on Nasdaq under the symbol “PRZO”.
About ParaZero Technologies
ParaZero ( https://parazero.com/ ) is a world-leading
developer of autonomous parachute safety systems for commercial
drone and urban air mobility (UAM) aircraft. Started in 2014 by a
passionate group of aviation professionals and drone industry
veterans, ParaZero designs smart, autonomous parachute safety
systems designed to enable safe flight operations overpopulated
areas and beyond-visual-line-of-sight (BVLOS).
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, ParaZero is using
forward-looking statements when it discusses regaining compliance
with Nasdaq's continued listing requirements, and timing and effect
thereof. Forward-looking statements are not historical facts, and
are based upon management’s current expectations, beliefs and
projections, many of which, by their nature, are inherently
uncertain. Such expectations, beliefs and projections are expressed
in good faith. However, there can be no assurance that management’s
expectations, beliefs and projections will be achieved, and actual
results may differ materially from what is expressed in or
indicated by the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the forward-looking statements. For a more detailed
description of the risks and uncertainties affecting the Company,
reference is made to the Company’s reports filed from time to time
with the Securities and Exchange Commission (“SEC”), including, but
not limited to, the risks detailed in the Company’s final
prospectus (Registration No. 333-265178) dated July 26, 2023.
Forward-looking statements speak only as of the date the statements
are made. The Company assumes no obligation to update
forward-looking statements to reflect actual results, subsequent
events or circumstances, changes in assumptions or changes in other
factors affecting forward-looking information except to the extent
required by applicable securities laws. If the Company does update
one or more forward-looking statements, no inference should be
drawn that the Company will make additional updates with respect
thereto or with respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. ParaZero is not
responsible for the contents of third-party websites.
Investor Relations Contact:
Michal Efraty Investor Relations, Israel +972-(0)52-3044404
michal@efraty.com
ParaZero Technologies Ltd. | 30 Dov Hoz, Kiryat
Ono, Israel 5555626 P: +972-36885252 |
E: contact@parazero.com | F: +972-3-688-5246
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