WaveDancer Regains NASDAQ Compliance

Rhea-AI Summary

WaveDancer, Inc. (WAVD) has received confirmation from The Nasdaq Stock Market that it has demonstrated compliance with the requirements to remain listed on the Nasdaq Capital Market. After effecting a one for ten reverse stock split and reporting total stockholders' equity above $2.5 million, the company's common stock will continue to be listed on The Nasdaq Capital Market. Upon closing the merger with Firefly Neuroscience, Inc., ongoing compliance with Nasdaq listing requirements will be based on Firefly.

Professional services company continues listing on the Nasdaq Capital Market

FAIRFAX, Va., Nov. 21, 2023 (GLOBE NEWSWIRE) -- WaveDancer, Inc. (“WaveDancer” or the “Company”) (Nasdaq: WAVD), a professional services company focused on providing technical solutions to the United States Government, today announced that it has received confirmation from The Nasdaq Stock Market (Nasdaq) that WaveDancer has demonstrated compliance with the requirements to remain listed on the Nasdaq Capital Market. Consequently, WaveDancer is now in compliance with all applicable listing standards, and its common stock will continue to be listed on The Nasdaq Capital Market. 

The company had previously been notified that it did not meet the $1 minimum bid price requirement and it was out of compliance with Nasdaq’s minimum stockholders’ equity requirement of $2.5 million. On August 8, 2023, WaveDancer presented its plan to regain compliance by effecting a reverse stock split with the minimum bid price requirements and to ensure that its stockholders’ equity was above the $2.5 million threshold.

On October 18, 2023, WaveDancer effected a one for ten reverse stock split and on October 31, 2023, the Company’s stock traded above $1 for the tenth consecutive trading day, as required. On November 13, 2023, the Company filed its Form 10-Q and reported total stockholders’ equity above $2.5 million. Nasdaq has informed the Company that it will be subject to a Mandatory Panel Monitor for one year. Upon closing of the recently announced merger of WaveDancer and Firefly Neuroscience, Inc. (“Firefly”), expected in Q1 of 2024, ongoing compliance with Nasdaq listing requirements will be based on Firefly.

About WaveDancer
WaveDancer, based in Fairfax, VA, has been servicing federal and commercial customers since 1979. It provides modernization, software development, and cybersecurity services to help organizations meet their business goals through technology. https://wavedancer.com/

Additional information for investors
This release may contain forward-looking statements regarding the Company's business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company's 10-K for the fiscal year ended December 31, 2022 and in other filings with the Securities and Exchange Commission.

For investor inquiries contact:
Tim Hannon, CFO
Investors@WaveDancer.com

FAQ

What is the company name and ticker symbol of the professional services company focused on providing technical solutions to the United States Government that has received confirmation to remain listed on the Nasdaq Capital Market?

The company is WaveDancer, Inc. and its ticker symbol is WAVD.

What were the requirements that WaveDancer needed to comply with to remain listed on the Nasdaq Capital Market?

WaveDancer needed to meet the $1 minimum bid price requirement and the minimum stockholders' equity requirement of $2.5 million.

What actions did WaveDancer take to regain compliance with Nasdaq listing requirements?

WaveDancer effected a one for ten reverse stock split to meet the minimum bid price requirements and reported total stockholders' equity above $2.5 million.

What will be the basis for ongoing compliance with Nasdaq listing requirements after the merger with Firefly Neuroscience, Inc.?

Upon closing the merger with Firefly Neuroscience, Inc., ongoing compliance with Nasdaq listing requirements will be based on Firefly.