Baijiayun receives noncompliance notification from Nasdaq

Baijiayun (RTC) announced that it had received a written notification from Nasdaq, indicating that the company was not in compliance with Nasdaq Listing Rule 5450, as the company’s closing bid price for its Class A ordinary shares, par value $0.0001 per share, was below $1.00 per share for the prior thirty consecutive business days. Pursuant to the notice, normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the minimum bid price requirement. However, pursuant to Nasdaq Listing Rule 5810, the company is not eligible for any compliance period specified in Nasdaq Rule 5810 due to the fact that the company has effected a reverse stock split over the prior one-year period. As a result, the staff determined to delist the company’s securities from Nasdaq, unless the company requests an appeal of the staff’s determination to a Hearings Panel by March 21, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.