TEMPE, Ariz., April 07, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, announced today that it received a written notice from The Nasdaq Stock Market LLC ("Nasdaq") on April 5, 2022, stating that because VirTra has not yet filed its Form 10-K for the year ended December 31, 2021 (the "Form 10-K"), it is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC").
This notification has no immediate effect on the listing of VirTra’s shares on Nasdaq. However, if VirTra fails to timely regain compliance with Nasdaq Listing Rule 5250(c)(1), its common stock will be subject to delisting from Nasdaq.
Under Nasdaq rules, VirTra has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. If Nasdaq accepts the plan, then Nasdaq may grant VirTra up to 180 days from the prescribed due date for filing the Form 10-K (as extended pursuant to Rule 12b-25 under the Securities Exchange Act of 1934, as amended) to regain compliance. If Nasdaq does not accept the plan, then VirTra will have the opportunity to appeal that decision to a Nasdaq hearings panel.
VirTra CEO and Chairman Bob Ferris commented, “As we discussed in our recent business update and conference call, our growth over the past two years has necessitated implementing a new ERP system, which, along with COVID-related personnel limitations, has delayed the completion of the audit. We believe these transitory challenges are growing pains for an expanding company that is strengthening its infrastructure to catch up with the success of its business. We are working diligently to complete the independent audit and file our Form 10-K with the SEC as soon as possible while working with Nasdaq to maintain our listing.”
About VirTra, Inc.
VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.
Forward-Looking Statements
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Investor Relations Contact:
Matt Glover and Jeff Grampp, CFA
Gateway Group, Inc.
VTSI@gatewayir.com
949-574-3860
