VIQ Solutions Announces Receipt of Nasdaq Notice of Deficiency
VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX and Nasdaq: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced that it has received a written notification of deficiency from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") dated September 27, 2022, indicating that the Company no longer satisfies Nasdaq Listing Rule 5550(a)(2), continued listing requirement for minimum bid price, based upon a closing bid price of less than $1.00 per share for the Company’s common shares (the “Shares”) for the prior 30 consecutive business day period.
The notification from Nasdaq has no immediate effect on the listing of the Shares, and the Shares will continue to trade on the Nasdaq Capital Market under the symbol “VQS”.
Despite receiving the non-compliance letter from Nasdaq, the Company believes that the current price of the equity has been significantly impacted by macroeconomic events and is hopeful that it will meet the compliance requirements within the grace period.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided with a grace period of 180 calendar days, or until March 27, 2023, to meet the minimum bid price requirement under the Nasdaq Listing Rules. If at any time during the 180-day grace period, the closing bid price of the Shares is $1.00 per Share or higher for at least ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance within the initial 180-day grace period, the Company may be eligible for an additional 180-day grace period, provided that the Company 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 bid-price requirement, and the Company provides written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary, subject to determination by the staff of Nasdaq. The Company intends to monitor the closing bid price of its Shares during this grace period and will consider its options in order to regain compliance with The Nasdaq Capital Market minimum bid price requirement.