Fitell Corporation Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Requirement

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[{"type":"text","content":"Fitell Corporation Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Requirement\n\n\n\n TAREN POINT, Australia, April 03, 2025 (GLOBE NEWSWIRE) -- Fitell Corporation (Nasdaq: FTEL) (the “Company”), an online retailer of gym and fitness equipment in Australia, today announced that on April 2, 2025, it has received a letter (the \"Notification Letter\") from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”), notifying the Company that for the last 30 consecutive business days the closing bid price of the Company’s ordinary shares was below $1.00 per share, which is the minimum closing bid price required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2).\n \n\n The Notification Letter has no immediate impact on the listing or trading of the Company’s ordinary shares on The Nasdaq Capital Market and does not affect the Company’s business operations, its reporting obligations with the Securities and Exchange Commission (the “SEC”), or contractual obligations.\n \n\n In accordance with Nasdaq Listing Rules, the Company was provided a compliance period of 180 calendar days from the date of the Notification Letter, or until September 29, 2025, to regain compliance with the minimum closing bid price requirement. If at any time during this compliance period, the closing bid price of the Company’s ordinary shares is at least $1 for a minimum of ten consecutive business days (subject to discretion of Nasdaq to extend this period under applicable Nasdaq Listing Rules), Nasdaq will provide the Company written confirmation of compliance, and the matter will be closed. In the event the Company does not regain compliance by September 29, 2025, the Company may be eligible for an additional 180 calendar days to regain compliance, subject to Company meeting continued listing requirements for all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement. If the Company is not eligible for an additional 180 days compliance period, its securities will be subject to delisting.\n \n\n The Company's business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its...

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