Odyssey Marine Exploration Inc., a company specializing in water transportation, received notifications from Nasdaq regarding non-compliance with listing requirements. The company was informed on October 30, 2024, that it does not meet the minimum market value of listed securities requirement and, on November 4, 2024, that it also fails to satisfy the minimum bid price requirement for the Nasdaq Capital Market.
The market value of Odyssey Marine's listed securities fell below the required $35 million threshold for 30 consecutive business days, contravening Nasdaq Listing Rule 5550(b)(2). To regain compliance, the company must demonstrate a market value of at least $35 million for a minimum of ten consecutive business days by April 28, 2025.
Additionally, the company's common stock did not maintain the $1.00 minimum bid price over 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). Odyssey Marine has until May 5, 2025, to correct this issue by ensuring its common stock's bid price stays at or above $1.00 for at least ten consecutive business days.
Failure to meet these requirements within the given 180-calendar day grace periods could lead to delisting from the Nasdaq Capital Market. The company would then have the opportunity to appeal the delisting decision to a hearing panel.
InvestingPro Insights
Recent data from InvestingPro sheds light on Odyssey Marine Exploration's financial challenges, aligning with the Nasdaq compliance issues mentioned in the article. The company's market capitalization stands at a mere $10.89 million, significantly below the $35 million threshold required by Nasdaq. This low market value is reflected in the stock's poor performance, with InvestingPro data showing a staggering 85.64% price decline over the past year.
InvestingPro Tips highlight that Odyssey Marine's stock has "fared poorly over the last month" and has "fallen significantly over the last three months," corroborating the company's struggle to maintain Nasdaq listing requirements. The stock's current price of $0.52 is well below the $1.00 minimum bid price, further illustrating the uphill battle the company faces to regain compliance.
It's worth noting that InvestingPro offers 14 additional tips for Odyssey Marine Exploration, providing investors with a more comprehensive analysis of the company's financial health and market position. These insights could be particularly valuable as the company navigates its current challenges and attempts to meet Nasdaq's requirements.
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