Draganfly to Showcase Cutting-Edge Drone Technologies at XPONENTIAL 2024 in San Diego - Seite 2

To register for the Law-Tech Connect Workshop, please click here.

On April 5, 2024, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) notifying the Company of its noncompliance with Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”) by failing to maintain a minimum stockholders’ equity of at least $2,500,000 required for continued listing on the Nasdaq Capital Market. In the Company’s Form 20-F filed on March 27th, the Company reported stockholders’ equity of C$407,716 (the equivalent of $308,897). Additionally, as of April 5th, the Company did not meet the alternative continued listing standards under the Nasdaq Listing Rules.

On March 28, 2024, the Company requested a hearing before an independent Nasdaq Hearings Panel (the “Panel”) regarding its previously disclosed bid price deficiency. The hearing before the Panel will be held on May 21, 2024. The hearing request automatically stayed any suspension or delisting action pending the hearing and the expiration of any additional extension period granted by the Panel following the hearing. Pursuant to the Nasdaq Listing Rules, the Stockholders’ Equity Rule deficiency serves as an additional and separate basis for delisting. The Panel will consider both deficiencies in rendering a determination regarding the Company’s continued listing on Nasdaq. In that regard, pursuant to the Nasdaq Listing Rules, the Panel has the discretion to grant an additional extension period with regard to the Stockholders’ Equity Rule deficiency that can expire as late as October 2, 2024. At the hearing, the Company will be asked to provide a plan to regain compliance with both deficiencies to the Panel. The Company intends to present a plan to regain compliance with both deficiencies and request the continued listing of its common shares on Nasdaq pending such compliance. However, there can be no assurance that the Panel will grant the Company’s request or that the Company will ultimately regain compliance with all applicable requirements for continued listing on Nasdaq.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize how organizations ‌do business and service their stakeholders. Recognized as being at the forefront of technology for over 24 years, Draganfly is an award-winning industry leader serving the public safety, agriculture, industrial inspections, security, mapping, and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.