Nexalin Clears Nasdaq Bid-Price Test, Equity Deadline Remains
Nasdaq confirmed the company met its minimum bid-price rule, but Nexalin still faces a $2.5 million equity test by January 4.
Key takeaways
- Nexalin's closing bid price topped $1 for 21 consecutive trading days.
- The company must meet a $2.5 million stockholders' equity requirement by January 4, 2027.
Nexalin Technology said it regained compliance with Nasdaq’s minimum bid-price rule after its closing bid stayed above $1 for 21 consecutive trading days, from August 31 through September 29. The company said the period followed a previously announced reverse stock split.
Nasdaq’s confirmation was dated September 30, after a Nasdaq Hearings Panel decision on September 25 granted Nexalin’s request for continued listing. Under the decision, Nexalin must demonstrate at least $2.5 million in stockholders’ equity by January 4, 2027.
The company must also promptly tell the Panel about significant events that could affect its compliance. Nexalin said there is no assurance it will meet the equity requirement by the deadline or maintain compliance with Nasdaq’s other listing rules.
This article was produced with the help of AI technology. Source: Yahoo Finance
