Failure to Satisfy Listing Rule Form 8 K

IRIDEX Corporation (the "Company") has begun the process to transfer the listing of its common stock on The Nasdaq Stock Market LLC ("Nasdaq") from The Nasdaq Global Market to The Nasdaq Capital Market. To effect such a transfer, the Company must meet the applicable requirements for continued listing on the Nasdaq Capital Market, submit an online transfer application and pay an application fee.

On June 27, 2024, the Company received a notification of non-compliance(the "Notice") from Nasdaq's Listing Qualifications Department notifying the Company that for the last 30 consecutive business days, the Company's market value of listed securities ("MVLS") was below the minimum of $50,000,000 for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(b)(2)(A). Nasdaq Listing Rule 5450(b)(2)(A) requires listed securities to maintain a minimum MVLS of $50,000,000 (the "Minimum MVLS Requirement"), and Nasdaq Listing Rule 5810(c)(3)(C) provides that a failure to meet the Minimum MVLS Requirement exists if the deficiency continues for a period of 30 consecutive trading days.

By applying to transfer its listing to The Nasdaq Capital Market, the Company intends to become compliant with its continued listing requirements. The Notice has no immediate effect on the listing or trading of the Company's common stock on Nasdaq and, if the application for transfer to The Nasdaq Capital Market is accepted, as expected, the Company's common stock will continue to trade on Nasdaq under the symbol "IRIX."

Forward-Looking Statements, Risks and Uncertainties

This Current Report on Form 8-Kcontains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Privates Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the Company's plans to transfer the listing of its common stock to The Nasdaq Capital Market. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "believe," "may," "will," "continue," "anticipate," "assume," "plans," "intends" or similar expressions and the negatives of those terms. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Investors are cautioned not to place undue reliance on the forward-looking statements. All information provided in this Current Report on Form 8-Kand in the exhibits is as of the date hereof and is based on then-current expectations and the beliefs and assumptions of management. We undertake no duty to update this information unless required by law.

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