Alfi Inc. (ALF) Receives Notice from Nasdaq Regarding Delayed Quarterly Report

November 24, 2021 4:32 PM EST

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ALFI (NASDAQ: ALF), an AI enterprise SaaS advertising platform, announced today that it has received a notice from the Listing Qualifications Department of The Nasdaq Stock Market stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because the Company failed to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 with the Securities and Exchange Commission. The Notice has no immediate effect on the listing or trading of the Company's securities. However, if the Company fails to timely regain compliance with the Rule, then the Company's securities will be subject to delisting from Nasdaq.

Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice, or until January 17, 2022, to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q, or until May 16, 2022, to regain compliance. However, there is no assurance that Nasdaq will accept the Company's plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If Nasdaq does not accept the Company's plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

No assurance is given that the Company will be able to regain compliance with the aforementioned listing requirement or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules.

As previously disclosed in the Form 12b-25 filed on November 16, 2021 by the Company with the SEC, the Company was unable to file the Form 10-Q by the required due date of November 15, 2021.

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