Intrusion (INTZ) has released an update.
Intrusion Inc., struggling to meet Nasdaq’s listing requirements, received a lifeline when the Nasdaq Hearings Panel allowed the company to remain on the Nasdaq Capital Market until April 23, 2024. The company faces delisting unless it can boost its share price above $1.00 and meet a $2.5 million equity standard. To tackle these challenges, Intrusion Inc. plans to introduce a new class of preferred stock, convert nearly $9 million of debt, and undergo a reverse stock split, all contingent on shareholder approval in an upcoming special meeting. However, there’s no guarantee that these measures will secure the company’s position on the market beyond the April deadline.
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