Mobiquity Technologies, Inc. Announces Reverse Stock Split and Extension from Nasdaq Hearings Panel

Rhea-AI Summary

Mobiquity Technologies, Inc. announces a 1-for-15 reverse stock split to maintain compliance with Nasdaq's minimum bid price requirement. The common stock will begin trading on a split-adjusted basis on August 7, 2023. The company received an extension from the Nasdaq Hearings Panel to demonstrate long-term compliance with stockholders' equity requirements.

NEW YORK, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Mobiquity Technologies, Inc. (Nasdaq: MOBQ), a leading provider of next-generation data intelligence and advertising technology solutions, announces that it is implementing a 1-for-15 reverse stock split ("reverse split") of its common stock.

The reverse split is designed to maintain the Company's compliance with the minimum bid price requirement for listing its common stock on The Nasdaq Capital Market ("Nasdaq"). The Company filed an Amendment to its Certificate of Incorporation to effectuate the reverse split with the New York Secretary of State on August 2, 2023. Mobiquity Technology's common stock will begin trading on Nasdaq on a split-adjusted basis as of the market open on August 7, 2023, under the same "MOBQ" symbol. The new CUSIP number for the common stock following the reverse split will be 60743F607.

As previously disclosed on June 1, 2023, the Company received a delist letter from Nasdaq, stating non-compliance with the minimum $2,500,000 stockholders' equity requirement for continued listing, as specified in Nasdaq Listing Rule 5550(b). In response, the Company promptly requested a hearing with Nasdaq to present its plan to regain compliance.

Prior to the Nasdaq Hearing held on July 27, 2023, Mobiquity Technologies filed its second quarter Quarterly Report on Form 10-Q, demonstrating compliance with Listing Rule 5550(b) by exhibiting stockholders' equity exceeding the required $2,500,000. On July 31, 2023, the Company received a decision letter from the Nasdaq Hearings Panel, granting the requested extension through November 14, 2023, to demonstrate long-term compliance with stockholders' equity requirements.

In response to this positive development, Mobiquity's CEO, Dean Julia, expressed gratitude to the Nasdaq Hearings Panel for providing the Company with the opportunity to present their long-term compliance plan and for granting the requested extension. Julia stated, "We are also happy to let our shareholders know that we will continue to trade on the Nasdaq Stock Market while we execute our plan. The Company remains committed to delivering value to our shareholders and maintaining our position as a superior provider of data intelligence and advertising technology solutions.

About Mobiquity Technologies:
Mobiquity Technologies, Inc. (Nasdaq: MOBQ) is a leading provider of next-generation data intelligence and advertising technology solutions. The Company's innovative offerings empower businesses to unlock valuable insights and drive successful advertising campaigns in today's dynamic market. Mobiquity Technologies’ current platforms; Advangelists (www.advangelists.com) and MobiExchange (www.mobiexchange.com) provide programmatic advertising technologies, data insights on consumer behavior, automated ad copy and omni-channel delivery options. For more information, please visit: www.mobiquitytechnologies.com.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Mobiquity Technologies, Inc. Investor Relations:

Columbia Marketing Group
Email: john@TheColumbiaMarketingGroup.com
Phone: 646-736-1900

FAQ

What is Mobiquity Technologies, Inc. implementing?

Mobiquity Technologies, Inc. is implementing a 1-for-15 reverse stock split.

Why is Mobiquity Technologies implementing a reverse stock split?

The reverse stock split is being implemented to maintain compliance with Nasdaq's minimum bid price requirement.

When will Mobiquity Technologies' common stock begin trading on a split-adjusted basis?

Mobiquity Technologies' common stock will begin trading on a split-adjusted basis on August 7, 2023.

What is the new CUSIP number for Mobiquity Technologies' common stock following the reverse split?

The new CUSIP number for Mobiquity Technologies' common stock following the reverse split will be 60743F607.

What was the reason for the delist letter received by Mobiquity Technologies?

Mobiquity Technologies received a delist letter from Nasdaq due to non-compliance with the minimum $2,500,000 stockholders' equity requirement.

What was the outcome of the Nasdaq Hearing held on July 27, 2023?

Mobiquity Technologies demonstrated compliance with the stockholders' equity requirement and received an extension through November 14, 2023, to demonstrate long-term compliance.

What did Mobiquity Technologies' CEO express in response to the extension granted by the Nasdaq Hearings Panel?

Mobiquity's CEO expressed gratitude for the opportunity to present their long-term compliance plan and commitment to delivering value to shareholders.