CINCINNATI - GRIID Infrastructure Inc. (NASDAQ:GRDI), a company specializing in computer processing and data preparation services, announced today that it has regained compliance with Nasdaq's minimum bid price requirement. The compliance notice, received on Monday, follows a period during which the company's stock price had fallen below the Nasdaq Global Market's minimum threshold.
The Nasdaq Listing Rule 5450(a)(1) stipulates that listed companies must maintain a minimum bid price of $1.00 per share. GRIID's stock price had previously dipped below this level, prompting concerns about its ability to satisfy exchange listing criteria. However, the recent improvement in the company's stock performance has rectified this issue, allowing GRIID to meet the necessary standard once again.
This development closes the chapter on the company's listing concerns, as confirmed by the formal notice from The Nasdaq Stock Market LLC. The notice puts to rest any uncertainties regarding GRIID's standing on the exchange, where it trades under the ticker symbol GRDI for its common stock and GRDI-W for its redeemable warrants.
GRIID Infrastructure, formerly known as Adit EdTech Acquisition Corp. before its name change on October 26, 2020, is incorporated in Delaware and has its principal executive offices in Cincinnati, Ohio. The company is classified as an emerging growth company, and it has not elected to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
The announcement of regaining compliance is a positive note for GRIID, as it ensures the continued listing of its securities on the Nasdaq Global Market, providing its shareholders with sustained visibility and liquidity. This news is based on a press release statement.
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