Autozi Internet receives two notifications from Nasdaq

Autozi Internet (AZI) Technology announced that on November 26 it received two notification letters from the Nasdaq Stock Market. In the first notification letter from Nasdaq dated as of November 26 Nasdaq notified the Company that the Company is not in compliance with the minimum Market Value of Publicly Held Shares, or MVPHS, of $15M set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq Global Market. Nasdaq Listing Rule 5450 requires companies to maintain a minimum MVPHS of $15M, and Nasdaq Listing Rule 5810 provides that a failure to meet the MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVPHS of the Company for the 30 consecutive business days from October 15 to November 25, the Company no longer meets the minimum requirement. This notification does not impact the listing and trading of the Company’s securities at this time. Pursuant to Nasdaq Listing Rule 5810, the Company has a compliance period of 180 calendar days, or until May 26, 2026, to regain compliance. In the second notification letter from Nasdaq dated as of November 26 Nasdaq notified the Company that as of November 25 the Company’s securities had a closing bid price of 10c or less for ten consecutive trading days, and accordingly, the Company is subject to the provisions contemplated under Listing Rule 5810. As a result, the Nasdaq staff has determined to delist the Company’s securities from the Nasdaq Global Market. The Company has the opportunity to appeal the staff’s determination to a Hearings Panel by December 3. The hearing request will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision. The fee for the hearing is $20,000. The Company requested a hearing by the Panel on December 2.