RE:RE:RE:RE:RE:RE:RE:Are these guys for real?!Game over
Neptune Wellness Solutions (NASDAQ:NEPT) said on Tuesday that Nasdaq has determined to delist the consumer-packaged goods company's shares on non-compliance with the stock exchange's minimum bid price rule and stockholders' equity requirement.
The company's bid price for shares on Nasdaq closed below $1.00 for 30 consecutive trading days. As the company has previously implemented two reverse stock splits over a prior 2-year period with a cumulative ratio of 250 shares or more-to-1, it is not eligible for any compliance period.
Also, the company's stockholders' equity was below the minimum required $2.5M. The company was provided 180 calendar days, or until Jan. 16, 2024, to regain compliance with the stockholders' equity requirement. This deficiency is said to serve as an additional and separate basis for delisting.
Neptune Wellness intends to appeal the determination made by Nasdaq within 7 calendar days, or by Dec. 7.