Know Labs Takes Steps to Address NYSE Delisting Challenges
Know Labs, Inc. (NYSE American: KNW), a leading pioneer in radio frequency dielectric spectroscopy (RFDS), is currently navigating some challenging waters with the New York Stock Exchange (NYSE). The company has announced its commitment to regain compliance after the NYSE initiated proceedings to delist its common stock. This decision stems from the NYSE's determination that the company's bid price has fallen below the minimum threshold of $0.10, as outlined in Section 1003(f)(v) of the NYSE American Company Guide.
Importance of Compliance Efforts
In response to this situation, Know Labs is working diligently on various curative actions aimed at maintaining its listing. During this time, its stock will be temporarily suspended from trading on the NYSE American. In addition, Know Labs has been assigned the new symbol "KNWN" for quotation and trading purposes in the over-the-counter market starting January 29, 2025. This transition underscores the company's commitment to providing liquidity and options for its shareholders while it addresses the NYSE's directive.
CEO Statement on the Current Situation
Ron Erickson, the CEO of Know Labs, expressed his thoughts on the current predicament, emphasizing the unfortunate timing of this challenge. He noted that the company has recently initiated a licensing program for its proprietary technology, which is receiving recognition from peers in the industry. Furthermore, Erickson mentioned, "Despite the current challenges, we believe in a bright future and our commitment remains unwavering to our shareholders and stakeholders in advancing the business plan and increasing shareholder value. We aim to deliver innovative non-invasive diagnostics to the market, starting with blood glucose monitoring. We appreciate the continued support from our shareholders during this process."
Innovative Technology Ahead
Know Labs is making significant strides in the field of healthcare technology. Its platform employs a unique radio frequency spectroscopy technique that allows the user to obtain a molecular signature from various substances. This groundbreaking technology can potentially redefine how we monitor health metrics that traditionally rely on invasive and costly lab tests.
Next Steps for Market Introduction
One of the anticipated products that will leverage this technology is a non-invasive glucose monitoring device. This revolutionary product aims to provide user-friendly access to real-time blood glucose data, thereby enhancing the health management of individuals. However, the company emphasizes the necessity of obtaining clearance from the U.S. Food and Drug Administration (FDA) prior to launching the device onto the market. Other advancements developed through Know Labs Technology Lab (KTL) may enter the market without such formalities.
Continued Focus Despite Challenges
Amid ongoing challenges, Know Labs remains focused on developing innovative diagnostic solutions. The team is planning to leverage its patented technology to ensure that patients have access to affordable and efficient health monitoring devices. The company is committed to reassessing its growth strategies in light of current market dynamics, enhancing operational efficiency, and ultimately reinforcing its position in the burgeoning health tech landscape.
Managing Investor Relationships
Managing relationships with investors is a priority for Know Labs during these turbulent times. The leadership team recognizes that maintaining open channels of communication with investors is crucial to rebuilding trust and confidence. As the company works through its compliance issues with the NYSE, Know Labs will continue to provide updates on its progress, ensuring that stakeholders remain informed and engaged throughout this process.
Frequently Asked Questions
What is the current status of Know Labs on the NYSE?
Know Labs, Inc. is currently facing delisting proceedings from the NYSE due to its stock price falling below the required minimum.
How is Know Labs addressing the delisting issue?
The company is implementing curative actions to regain compliance and appeal the NYSE's decision.
What new trading symbol will Know Labs use?
Starting January 29, 2025, Know Labs' stock will be traded under the symbol "KNWN" in the over-the-counter market.
What technology does Know Labs focus on?
Know Labs utilizes radio frequency dielectric spectroscopy technology to create non-invasive diagnostic tools, particularly for glucose monitoring.
How does Know Labs plan to keep investors informed?
The company is committed to maintaining open communication with investors and will provide updates on its compliance efforts and overall business progress.
