Summary by Moomoo AI
ParaZero Technologies Ltd., an aerospace company specializing in drone safety systems, has received a notification from the Nasdaq Stock Market indicating non-compliance with the minimum bid price requirement. The Nasdaq Listing Rule 5550(a)(2) mandates a minimum bid price of $1.00 per share, which ParaZero has fallen below. The company has until August 6, 2024, to regain compliance, which can be achieved if its shares maintain a closing bid price of at least $1.00 for ten consecutive business days. If ParaZero fails to meet the requirement within the initial 180-day period, it may be eligible for an additional 180 days if it meets other initial listing standards, except for the minimum bid price. The notice does not immediately affect ParaZero's listing or share trading on Nasdaq. The company, founded in 2014, is known for its autonomous parachute safety systems for drones and urban air mobility aircraft. The press release also contains forward-looking statements regarding efforts to regain compliance with Nasdaq's listing requirements.