Evolv Technology (NASDAQ: EVLV) has recently announced that it received a delinquency notification letter from the Nasdaq Stock Market LLC on November 21, 2024. This notification was a result of the delayed filing of the company's quarterly report on Form 10-Q for the period ended September 30, 2024. The delay was due to an internal investigation into certain sales practices that impacted revenue recognition and other metrics.
The company has been informed by Nasdaq that it must submit a plan of compliance within 60 calendar days from the date of the notice, or by January 20, 2025, to address how it intends to regain compliance with the Nasdaq listing rule. If accepted, Nasdaq can grant an exception of up to 180 calendar days from the filing's due date to regain compliance.
Evolv Technology is diligently working to file the quarterly report as soon as reasonably practicable. Despite the delinquency notification, it's important to note that this has no immediate effect on the company's securities listed on Nasdaq.
Evolv Technology is a leading security technology company that pioneers AI-based solutions designed to create safer experiences. Its mission is to transform security to create a safer world to live, work, learn, and play. The company has been awarded the U.S. Department of Homeland Security (DHS) Safety Act designation as a Qualified Anti-Terrorism Technology (QATT), as well as the Security Industry Association (SIA) New Products and Solutions (NPS) award in the law enforcement/public safety/guarding systems category, and sport business journal’s (SBJ) awards for "Best in Fan Experience Technology" and "Best in Sports Technology."
Evolv Technology's advanced systems have scanned more than a billion people since 2019, and it has digitally transformed the gateways in many places where people gather by enabling seamless integration combined with powerful analytics and insights. The company's trademarks include Evolv®, Evolv Express®, Evolv Insights®, Evolv Visual Gun Detection™, Evolv Expedite™, and Evolv Eva™.
As Evolv Technology navigates through this period of delinquency notification, investors and stakeholders will be closely monitoring the company's progress in addressing the compliance issue and the eventual filing of the quarterly report. Today the company's shares have moved 3.3% to a price of $3.09. If you want to know more, read the company's complete 8-K report here.
