Edgio (EGIO) Receives Expected Nasdaq Non-compliance Notice

Edgio, Inc. (Nasdaq: EGIO) (the “Company”), today announced that it received an expected notice (the “Notice”) on May 16, 2024 from The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company has not yet filed its Quarterly Report on Form 10-Q for the year ended March 31, 2024 (the “Quarterly Report”) with the Securities and Exchange Commission (the “SEC”). The Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.

The Company previously reported in its Notification of Late Filing on Form 12b-25, filed with the SEC on May 13, 2024, that the Company was unable to file its 2024 Form 10-Q for the quarter ending March 31, 2024 within the prescribed time period due to the Company’s previous independent registered public accounting firm’s decision to resign as independent registered public accounting firm of the Company, effective December 18, 2023. The Audit Committee of the Board of Directors of the Company accepted the resignation and immediately engaged in a thorough search for a new independent registered public accounting firm.

Due to the engagement of a new independent registered public accounting firm in the first quarter of 2024, the Company requires additional time to complete the procedures necessary to file its annual report on Form 10-K (“Annual Report”) and its Quarterly Report, and accordingly, the Form 10-Q for the period ended March 31, 2024 is delayed.

The Notice states that the Company must update its previously submitted compliance action plan to regain compliance with the Listing Rule. If Nasdaq accepts the Company’s plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Annual Report, or until September 30, 2024, to file the Annual Report and Quarterly Report to regain compliance.

The Company is working diligently to complete and file the Quarterly Report as soon as practicable. However, given the time and focus dedicated to the Company’s completion of its Annual Report, the Company is necessarily delayed in its reporting and review process for the quarter ended March 31, 2024. The Company plans to file its Annual Report and Quarterly Report as promptly as possible to regain compliance with the Listing Rule.

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