MicroAlgo Inc. (NASDAQ: MLGO), a computer programming services company, has been notified by the Nasdaq Stock Market that it has not met the minimum bid price requirement for continued listing on the exchange. Today, MicroAlgo disclosed that it received the notification on September 23, 2024, after its security's closing bid price fell below the $1.00 per share minimum for 31 consecutive business days.
This notice does not currently affect MicroAlgo's listing or trading on the Nasdaq Capital Market. The company is now in a 180-day period, ending on March 24, 2025, to regain compliance with Nasdaq's Listing Rule 5550(a)(2). To achieve this, the closing bid price of MicroAlgo's stock must be at least $1.00 for a minimum of ten consecutive business days within this timeframe.
If MicroAlgo fails to meet the requirement by the March deadline, it may be granted an additional 180-day period to regain compliance, depending on Nasdaq staff's discretion.
MicroAlgo has stated that the notification will not impact its business operations and that the company intends to take all reasonable measures to regain compliance with Nasdaq's minimum bid price requirement.
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