© Reuters.
SÃO PAULO – Semantix, Inc. (NASDAQ:STIX), a prominent enterprise AI platform and applications provider in Latin America, disclosed on Monday that it had received a notice from the Nasdaq Stock Market LLC indicating the company’s non-compliance with the exchange’s minimum bid price rule. Semantix’s shares have closed below the required $1.00 threshold for 34 consecutive business days, from November 10 to December 29, 2023.
The company now has until July 1, 2024, to meet Nasdaq’s bid price condition, which entails maintaining a minimum closing bid price of $1.00 for at least ten consecutive business days. Failure to achieve compliance within this 180-day grace period could lead to a second 180-day period, provided Semantix fulfills the market value and other initial listing standards, excluding the bid price requirement. Semantix must communicate its intent to resolve the deficiency to extend this timeframe.
Semantix is weighing various options to address the bid price issue, including a potential reverse stock split, to align with Nasdaq’s Listing Rules. The company, founded in 2010 by CEO Leonardo Santos, serves over 300 clients across approximately 15 countries, offering a comprehensive data and enterprise AI software platform.
The information is based on a press release statement from Semantix, Inc.
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