Semantix Announces Voluntary Delisting from the Nasdaq Global Market
April 04 2024 - 5:01PM
Semantix, Inc. (NASDAQ: STIX) (“Semantix” or the “Company”), a
leading Latin American enterprise AI platform and applications
provider, announced today that it has notified the Nasdaq Stock
Market LLC (“Nasdaq”) of its decision to voluntarily delist its
ordinary shares, par value $0.001 per share (the “Ordinary Shares”)
and its warrants exercisable for one Ordinary Share at an exercise
price of $11.50 (the “Warrants”) from the Nasdaq Global Market.
As previously noted in the Company’s Report on
Form 6-K filed with the Securities and Exchange Commission (the
“SEC”) on January 5, 2024, the Company received written notice from
Nasdaq that the Company was not in compliance with the minimum bid
price required for continued listing on the Nasdaq Global Market
under Nasdaq Listing Rule 5450(a)(1) based upon the closing bid
price of the Ordinary Shares for the 34 consecutive business days
prior to the date of the notice.
Semantix intends to file a Form 25 (Notification
of Removal of Listing) with the SEC to remove its Ordinary Shares
and Warrants from listing on the Nasdaq Global Market on or about
April 15, 2024 and deregister such securities under Section 12(b)
of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and as a result, Semantix expects that the last trading day
of its Ordinary Shares and Warrants on the Nasdaq Global Market
will be on or about April 12, 2024. Furthermore, prior to April 30,
2024, the Company intends to file a Form 15 with the SEC to suspend
the Company’s reporting obligations under Sections 12(g) and 15(d)
of the Exchange Act.
Semantix’s board of directors considered a
number of factors in determining to delist and deregister its
Ordinary Shares and Warrants, including the costs and expenses
associated with being a publicly traded company, the auditing,
legal and other costs associated with continuing to make SEC
filings, and the burdens placed on Semantix’s management to comply
with the continued listing and reporting requirements, all in light
of an illiquid market and non-compliance with continued listing
requirements.
Following the delisting of Semantix’s Ordinary
Shares and Warrants from trading on Nasdaq, any trading in such
securities would only occur in privately negotiated sales and
potentially on an over-the-counter market. Semantix expects to have
its Ordinary Shares and Warrants quoted on a market operated by OTC
Markets Group Inc. (the “OTC”) so that a trading market may
continue to exist for such securities. There is no guarantee,
however, that a broker will continue to make a market in Semantix’s
Ordinary Shares and Warrants and that trading thereof will continue
on an OTC market or otherwise.
Leonardo SantosCEO and ChairmanSemantix, Inc.
Investor Contact Adriano Alcalde Chief
Financial Officer & IR ir@semantix.ai
Press Contact
semantix@rpmacomunicacao.com.br
About SemantixSemantix is Latin America’s first
fully integrated data and enterprise AI software platform. Semantix
has more than 300 clients with operations in approximately 15
countries using Semantix’s software and services to enhance their
businesses. The company was founded in 2010 by CEO Leonardo Santos.
For more information, visit www.semantix.ai
Source: Semantix, Inc
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