Atlanta-based T Stamp Inc. (NASDAQ:IDAI), a prepackaged software services company with a market capitalization of $8.46 million, has successfully regained compliance with the Nasdaq's minimum bid price requirement, according to a press release statement based on a recent SEC filing.
The company, which had previously been notified of non-compliance, maintained a bid price of $1.00 or greater for 11 consecutive business days, from January 6, 2025, to January 22, 2025. Currently trading at $4.74, IDAI has shown significant volatility, with a 14% gain over the past week despite a 78% decline over the past year. InvestingPro subscribers can access 10+ additional real-time insights about IDAI's price momentum and financial health.
The Nasdaq Listing Rule 5550(a)(2) stipulates that companies listed on the Nasdaq Capital Market must keep their bid price at $1.00 per share or above. T Stamp Inc. was initially notified of the deficiency on May 3, 2024, and subsequently reported on the issue in filings on May 8, 2024, and November 5, 2024. The return to compliance was formally acknowledged by the Nasdaq on Thursday.
This development closes the chapter on T Stamp's compliance issue with the Nasdaq's Minimum Bid Price Requirement. The company's Chief Executive Officer, Gareth Genner, signed off on the SEC filing dated today, confirming the resolution of the matter.
T Stamp Inc., incorporated in Delaware and headquartered in Atlanta, Georgia, operates under the industrial classification of Services-Prepackaged Software (ETR:SOWGn). The company, which reported a 52% year-over-year revenue decline to $2.16 million in the last twelve months, is listed as an emerging growth company and trades Class A Common Stock under the ticker IDAI on the Nasdaq Stock Market LLC. InvestingPro analysis reveals concerning trends in the company's financial health, with detailed metrics and forecasts available to subscribers.
In other recent news, T Stamp Inc., a prepackaged software services company, received a notice for non-compliance with NASDAQ's listing rules due to failure to hold an annual stockholders' meeting within the stipulated timeframe. The company has been given 45 days to submit a plan to regain compliance. Also, T Stamp Inc. announced the appointment of Lance Wilson as its new Chief Financial Officer, replacing Alex Valdes.
On a similar note, Trust Stamp, an artificial intelligence technology provider, entered into a securities purchase agreement for a direct offering and concurrent private placement of approximately $3.5 million. The company also declared a 1-for-15 reverse stock split, a move aimed at ensuring compliance with Nasdaq's minimum bid price requirement.
In addition, T Stamp Inc.'s stockholders approved key proposals, including a reverse stock split and issuance of new shares and warrants. Furthermore, the company confirmed the appointment of Andrew Scott Francis, its current Chief Technology Officer, to the Board of Directors.
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