Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
As previously disclosed, on October 17, 2019, Dolphin Entertainment, Inc. (the
"Company") received a notice from The Nasdaq Stock Market ("Nasdaq") that its
common stock (the "Common Stock"), fails to comply with the $1 minimum bid price
required for continued listing on The Nasdaq Capital Market under Nasdaq Listing
Rule 5550(a)(2) based upon the closing bid price of the Common Stock for the 30
consecutive business days prior to the date of the notice from Nasdaq. On April
15, 2020, the Company received a notice from Nasdaq that the date to achieve
compliance has been extended an additional 180 days until October 12, 2020.
To regain compliance, the minimum bid price of the Common Stock must meet or
exceed $1.00 per share for a minimum ten consecutive business days during this
180-day grace period. The Company's failure to regain compliance during this
period could result in delisting. On April 20, 2020, the Company received an
additional notice from Nasdaq (the "Tolling Notice"), which stated that, due to
current market conditions, Nasdaq has determined to toll the compliance period
for the minimum bid price requirement through June 30, 2020. As a result, the
new date by which the Company has to regain compliance with the minimum bid
price requirement is December 28, 2020. To regain compliance, the minimum bid
price of the Common Stock must meet or exceed $1.00 per share for a minimum ten
consecutive business days at any point prior to December 28, 2020, at which
point Nasdaq would provide written confirmation to the Company and close the
matter.
The Company is presently evaluating various courses of action to regain
compliance. There can be no assurance that the Company will be able to regain
compliance with Nasdaq's rule or will otherwise be in compliance with other
Nasdaq listing criteria.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses