Intelligent Bio Solutions Inc. Regains Compliance with Nasdaq Minimum Bid Price Requirement and Confirms Compliance with Minimum Stockholders’ Equity Requirement
16 Febbraio 2024 - 2:30PM
Intelligent Bio Solutions Inc. ("INBS" or the "Company") (Nasdaq:
INBS), a medical technology company delivering intelligent, rapid,
non-invasive testing solutions, today announced that on February
13, 2024, it received written notification from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
that the Company has regained compliance with Nasdaq Listing Rule
5550(a)(2), which requires that the Company's common stock maintain
a minimum bid price of $1.00 per share (the “Minimum Bid Price
Requirement”).
The Nasdaq staff made this determination of
compliance after the closing bid price of the Company's common
stock was at $1.00 per share or greater for the prior 11
consecutive business days (from January 29, 2024, to February 12,
2024). Accordingly, the Company is now in compliance with the
Minimum Bid Price Requirement for continued listing, and Nasdaq
considers the matter closed.
On February 13, 2024, Nasdaq confirmed that upon
filing of the Company’s Quarterly Report on Form 10-Q for the
period ended December 31, 2023, the Company had for that period
evidenced compliance with Nasdaq Listing Rule 5550(b)(1), which
requires maintaining a minimum stockholders’ equity of $2.5 million
(“Stockholders’ Equity Requirement”); and that the condition to
remain in compliance with the Stockholders’ Equity Requirement was
met, as per Nasdaq’s compliance determination of January 2,
2024.
About Intelligent Bio Solutions
Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is
a medical technology company delivering innovative, rapid,
non-invasive testing solutions. The Company believes that its
Intelligent Fingerprinting Drug Screening System will revolutionize
portable testing through fingerprint sweat analysis, which has the
potential for broader applications in additional fields. Designed
as a hygienic and cost-effective system, the test screens for
recent use of drugs commonly found in the workplace, including
opiates, cocaine, methamphetamine, and cannabis. With sample
collection in seconds and results in under ten minutes, this
technology would be a valuable tool for employers in
safety-critical industries. Additionally, the Company's biosensor
platform has the potential to test for up to 130 indications,
ranging from glucose to immunological conditions and communicable
diseases. The Company's current customer segments include
construction, manufacturing and engineering, transport and
logistics firms, drug treatment organizations, and coroners.
For more information,
visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, Intelligent Bio
Solutions Inc.'s ability to successfully develop and commercialize
its drug and diagnostic tests, realize commercial benefit from its
partnerships and collaborations, and secure regulatory approvals,
among others. Although Intelligent Bio Solutions Inc. believes that
the expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Intelligent Bio Solutions Inc. has
attempted to identify forward-looking statements by terminology,
including "believes," "estimates," "anticipates," "expects,"
"plans," "projects," "intends," "potential," "may," "could,"
"might," "will," "should," "approximately" or other words that
convey uncertainty of future events or outcomes to identify these
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, included in Intelligent Bio Solutions' public filings
filed with the Securities and Exchange Commission. Any
forward-looking statements contained in this release speak only as
of its date. Intelligent Bio Solutions undertakes no obligation to
update any forward-looking statements contained in this release to
reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions
Inc.info@ibs.incLinkedIn | Twitter
Media Contact:
Cheryl BillsonComma
Communicationscheryl.billson@commacomms.com+44 (0)7791 720460
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