HOUSTON, Aug. 23,
2023 /PRNewswire/ -- Orbital Infrastructure Group
Inc. (NASDAQ: OIG) (the "Company"), today announced that it
received a letter from The Nasdaq Stock Market LLC
("Nasdaq") on August 18, 2023
notifying the Company that (i) the Company's failure to file its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, in violation of Nasdaq's continued
listing requirements under Nasdaq Listing Rule 5250(c)(1), serves
as an additional basis for delisting the Company's securities from
Nasdaq, and (ii) the Nasdaq Hearings Panel will consider this
matter in rendering a determination regarding the Company's
continued listing on Nasdaq. As previously disclosed, on
December 28, 2022, the Company was
notified by Nasdaq that the market value of its listed securities
had been below the $35,000,000
minimum required for continued listing as set forth in Nasdaq
Listing Rule 5550(b)(2) for the previous 30 consecutive trading
days. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the
Company was provided 180 calendar days, or until June 26, 2023, to
regain compliance with Nasdaq Listing Rule 5550(b)(2). To date, the
Company has not regained compliance with Nasdaq Listing Rule
5550(b)(2).
Under the Nasdaq Listing Rules, a company that receives a delist
determination for delinquency can request an appeal to the Nasdaq
Hearings Panel. A request for a hearing regarding a delinquent
filing will stay the suspension of a company's securities for a
period of 15 days from the date of the request. However, Nasdaq has
informed the Company that because the Company is already before the
Nasdaq Hearings Panel for the Company's failure to comply with Rule
5550(b)(2), the Company has seven days, or until August 25, 2023, to request a stay of the
suspension of the Company's securities, pending a decision from the
Nasdaq Hearings Panel.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About the Company
Orbital Infrastructure Group, Inc. (NASDAQ: OIG) is a
diversified infrastructure services platform, providing
engineering, design, construction, and maintenance services to
customers in three operating segments: electric power,
telecommunications, and renewables.
Investor Relations:
TraDigital Investor Relations
Kevin McGrath
+1 (646) 418-7002
kevin@tradigitalir.com
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SOURCE Orbital Infrastructure Group, Inc.