The Nasdaq Stock Market LLC has notified AquaBounty Technologies, Inc. that the closing bid price for its common stock has been below $1.00/share for the past 30 consecutive business days. Consequently, it no longer complies with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
The notice has no immediate effect on the Company's listingOn the other hand, Nasdaq notice provides the AquaBounty with a compliance period of 180 calendar days, or until May 1, 2023, to regain compliance with the minimum bid price requirement.
If at any time during this 180-day compliance period the closing bid price of the Common Stock is at least $1.00 per share for a minimum of 10 consecutive business days, then Nasdaq will provide the company with written confirmation of compliance and the matter will be closed.
If compliance cannot be demonstrated by May 1, 2023, the Company may be eligible for additional time. To qualify, the company will be required to meet the continued listing requirement for the market value of publicly held shares. Also, all other initial listing standards on the Nasdaq Capital Market (except the bid price requirement).
Besides, the company should provide written notice of its intention to cure the minimum bid price deficiency. During this second 180-day compliance period effecting a reverse stock split, if necessary.
If the company completes the 180-day compliance period, then Nasdaq will provide written notification that the Company's securities will be subject to delisting. At that time, the AquaBounty may appeal the determination to delist its securities to a Nasdaq hearings panel.
AquaBounty is providing this information as of this date. It does not undertake any obligation to update any forward-looking statements contained in this Current Report on Form 8-K as a result of new information, future events, or otherwise.
AquaBounty Technologies, Inc. is a land-based aquaculture company. It utilizes technology to enhance productivity and sustainability and addresses food insecurity and climate change issues.
It provides fresh Atlantic salmon to nearby markets. By raising its fish in carefully monitored land-based fish farms through a safe, secure, and sustainable process.
The company began to construct a 10,000-metric-ton salmon farm in Pioneer, Ohio. Its first large-scale farm will supply a growing population with a sustainable source of fresh, locally-raised salmon.
