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ATLANTA, GA - T Stamp Inc., operating under the name 06 Technology, announced today that it has regained compliance with Nasdaq’s annual meeting requirements. The software services company, currently valued at $5.06 million in market capitalization, was previously notified by the Nasdaq Listing Qualifications Department of its non-compliance due to not holding an annual stockholders’ meeting within twelve months of the end of its fiscal year.
The Nasdaq Capital Market requires listed companies to fulfill the Annual Meeting Requirement stipulated under Nasdaq Listing Rule 5620(a). T Stamp held its annual meeting on January 29, 2025, which brought the company back into compliance. This development was confirmed by a notification received from Nasdaq on Thursday. The company’s shares have faced significant challenges, with a 85.82% decline over the past year and a current stock price of $2.62.According to InvestingPro, the company shows several concerning indicators, including declining revenues (-51.92% year-over-year) and a weak financial health score. Subscribers can access 12 additional key insights about T Stamp’s financial position.
The company, listed under the ticker (NASDAQ:IDAI), faced the risk of delisting if it failed to meet the exchange’s requirements. The successful hosting of the annual meeting has averted this risk, ensuring the company’s continued presence on the Nasdaq Capital Market.
T Stamp’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, and its Quarterly Reports on Form 10-Q, detail the risks related to maintaining compliance with Nasdaq’s continued listing requirements. The company’s current ratio of 0.6 indicates potential liquidity challenges, with short-term obligations exceeding liquid assets.
The company’s CEO, Gareth Genner, signed off on the SEC filing on Monday, which includes forward-looking statements. These statements carry uncertainties, including the company’s ability to maintain compliance with Nasdaq rules and the potential risks of delisting.
This announcement is based on the most recent 8-K filing by T Stamp Inc. with the Securities and Exchange Commission. The filing provides investors with updated information on the company’s compliance status and its operational adherence to the requirements of the stock exchange.
In other recent news, T Stamp Inc. announced a $3.5 million securities offering through a registered direct offering and concurrent private placement with an unnamed institutional investor. The transaction involves the sale of common stock and warrants, with Maxim Group LLC serving as the sole placement agent. The company has also regained compliance with Nasdaq’s minimum bid price requirement after maintaining a bid price of $1.00 or greater for 11 consecutive business days. Additionally, T Stamp Inc. successfully held its Annual Meeting of Stockholders, where shareholders approved board nominees and ratified Marcum LLP as the independent auditor for the upcoming fiscal year. However, the company faces challenges after failing to secure a stockholder quorum for a special meeting intended to ratify the issuance of certain warrants. T Stamp has announced plans to reconvene the meeting within the next 90 days. In a separate development, the company has been notified of non-compliance with Nasdaq’s requirement to hold an annual stockholders’ meeting within twelve months of the fiscal year-end but plans to address this by holding the overdue meeting. Lance Wilson has been appointed as the new Chief Financial Officer, succeeding Alex Valdes.
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