Kubient Announces Voluntary Delisting from the Nasdaq Capital Market

NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Kubient, Inc. (NasdaqCM: KBNT, KBNTW) (“Kubient” or the “Company”), a cloud-based software platform for digital advertising, announced it notified The Nasdaq Stock Market LLC (“Nasdaq”) on November 7, 2023 of its intention to voluntarily delist its common stock and common stock purchase warrants from The Nasdaq Capital Market.

As previously disclosed, the Company has received notices from Nasdaq regarding noncompliance with its continued listing requirements. On January 12, 2023 the Company received a deficiency notice from the Listing Qualifications Staff (the “Staff”) of Nasdaq, indicating that the Company is not in compliance with the requirement to maintain a minimum bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2). Subsequently, on August 22, 2023, the Company received a deficiency notice from the Staff stating that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it failed to timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2023 with the Securities and Exchange Commission (the “SEC”). After careful consideration, the Company’s Board of Directors unanimously determined that a voluntary delisting of the Company’s common stock and warrants from The Nasdaq Capital Market is in the best interest of the Company and its stockholders. In particular, the Board of Directors’ decision to delist the Company’s securities was based on the conclusion that the significant costs and regulatory compliance burden outweigh the benefits of addressing the noncompliance notices received from Nasdaq in order to remain a Nasdaq-listed company.

Trading of the Company’s warrants and common stock on the Nasdaq Capital Market will be suspended at the open of business on November 17, 2023. The Company currently intends to file a Form 25 with the SEC on or about November 17, 2023, with the delisting of its common stock and warrants taking effect no earlier than ten days thereafter. The Company’s financial statements, press releases, and other information will continue to be available on EDGAR at www.sec.gov and on its website at kubient.com.

The Company expects that its common stock will be quoted on the Pink Sheets, or another market operated by OTC Markets Group Inc. (the “OTC”). The Company intends to continue providing information to its stockholders and taking actions within its control to facilitate the quoting of its common stock on the Pink Sheets or another OTC market, so that a trading market may continue to exist for its common stock. However, there is no guarantee that a broker will continue to make a market in the common stock or that trading of the common stock will continue on an OTC market or elsewhere.