Datavault misses Nasdaq $1 deadline, DVLT 68% below

Datavault failed to meet Nasdaq’s $1 minimum bid-price requirement by the Aug. 24 deadline. DVLT trades about 68% below $1 and neither an extension nor a delisting notice appeared in filings reviewed on Aug. 24.

Nasdaq requires a closing bid of at least $1 for 10 consecutive business days to regain compliance. Nasdaq’s quote feed showed DVLT’s last recorded sale at $0.3186 on Aug. 21 and every close from Aug. 7 through Aug. 21 below $1, which left no practical route to complete a new 10-day cure before the deadline.

Under Nasdaq Capital Market rules, the exchange may grant an additional 180-day cure period if the issuer meets the continued-listing test for market value of publicly held shares and satisfies all other initial listing criteria except the bid-price requirement. The company must also provide written notice that it intends to remedy the deficiency through a reverse stock split if necessary. Nasdaq’s eligibility determination depends on public-float measures, holder counts and market-maker requirements not disclosed in company filings.

Datavault’s SEC filing for the June quarter reported $245.9 million of stockholders’ equity and 949.7 million shares outstanding as of Aug. 19. At the Aug. 21 price of $0.3186, that share count implies about $302.6 million in total equity market value; Nasdaq’s public-float calculation differs from total market value.

The company has a 2025 authorization permitting a 1-for-5 to 1-for-20 reverse split to be implemented no later than that year’s annual meeting. Filings through Aug. 24 showed no later proxy or information statement granting renewed replacement authority.

Filings show Datavault agreed in May to sell 109.1 million shares at $0.55. The most recent report indicated $1.4 million of cash on hand and $79.96 million of operating cash used in the first half of the year.

If Nasdaq grants the extra 180-day period, the prescribed bid-price test would be postponed while the company pursues a cure. If Nasdaq issues a Staff Delisting Determination, the formal delisting process would begin and the company would receive specific timelines and procedures.

As of the Aug. 24 filings review, neither Nasdaq nor Datavault had posted a public extension or a delisting determination. The next definitive indication of the stock’s listing status will come from a formal notice by the exchange or the company.