iPower Inc. (NASDAQ:IPW), a retailer in the garden supply sector, has received a notification from The Nasdaq Stock Market LLC regarding a potential delisting due to non-compliance with the exchange's minimum bid price requirement. The notice, dated January 2, 2025, indicated that iPower's common stock had not maintained the minimum required closing bid price of $1.00 per share for 30 consecutive business days, from November 15, 2024, to December 31, 2024.
The company, headquartered in Rancho Cucamonga, California, is now entering a 180-day period, ending on July 1, 2025, to regain compliance with Nasdaq's Listing Rule 5550(a)(2). To achieve this, iPower's stock must close at or above $1.00 per share for at least ten consecutive trading days within this timeframe.
If iPower fails to meet the minimum bid price by the end of this initial compliance period, it may be granted an additional period to regain compliance, provided it meets all other initial listing standards for The Nasdaq Capital Market, except for the bid price requirement. The company may consider implementing measures such as a reverse stock split to address the deficiency.
Should iPower Inc. be unable to re-establish compliance during the allotted time, it could receive a delisting notice from Nasdaq, which it can appeal to a Nasdaq Hearings Panel. As of now, the company's common stock continues to trade under the ticker symbol "IPW."
There is no certainty that iPower will be able to rectify the bid price shortfall or maintain compliance with other Nasdaq listing requirements. The company has stated it will evaluate its options to resolve the minimum bid price issue.
This information is based on an SEC filing.
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