Boxlight Corporation (NASDAQ: BOXL) has regained compliance with Nasdaq listing requirements and will continue trading on the exchange, the company said.
Compliance was reached under Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain at least $2,500,000 in stockholders' equity.
Boxlight closed the first tranche of its Series D financing on Aug. 5, raising $4.8 million net of fees. The PIPE transaction yields approximately $6.6 million in net proceeds through a Series D Convertible Preferred Stock Financing, according to the company.
On Aug. 13, Boxlight presented its compliance plan at a hearing before the Nasdaq Hearings Panel. On Aug. 17, Nasdaq imposed a one-year Discretionary Panel Monitor, effective immediately. Under the monitor, if Nasdaq Listing Qualifications Staff determines the company is out of compliance with any Nasdaq Listing Rule, Boxlight cannot submit a compliance plan or receive additional time; instead, staff will issue a delisting determination letter, though the company may request a new hearing.
On Sept. 2, Boxlight received a written decision from the panel confirming it had regained compliance. The company has 15 calendar days to request a review of the decision by the Nasdaq Listing and Hearing Review Council, subject to a $15,000 fee.
Boxlight's broader capital plan includes an anticipated $15 million equity line of credit and a planned $2.9 million debt-to-equity swap, the company said.
Boxlight Corporation is an interactive technology solutions provider based in Duluth, Ga., offering interactive displays, collaboration software, and audio solutions for business and education environments.
