ENGLEWOOD, CO - Qurate Retail, Inc. (NASDAQ:QRTEA) announced today that it has received a 180-day extension from the Nasdaq Stock Market to meet the minimum bid price requirement and maintain its listing. The extension, granted on Monday, allows Qurate Retail until June 9, 2025, to raise its Series A common stock's bid price to at least $1.00 for a minimum of 10 consecutive business days.
The company's stock currently trades at $0.37, down over 61% in the past year according to InvestingPro data, which offers comprehensive analysis of the company's performance through its Pro Research Reports.
The company, known for its retail and online shopping services and generating annual revenue of $10.24 billion, had previously been notified of its non-compliance with Nasdaq's minimum bid price rule. In response, Qurate Retail transferred its securities, including Series A and B common stock and 8.0% Series A Cumulative Redeemable Preferred Stock, from the Nasdaq Global Select Market to the Nasdaq Capital Market on December 2, 2024. InvestingPro analysis indicates the stock is currently trading below its Fair Value.
Qurate Retail has confirmed its commitment to monitoring its stock performance closely and is considering all available options to resolve the deficiency. The company has also indicated that it is prepared to implement a reverse stock split if necessary to regain compliance before the new deadline. However, there is no assurance that the company will achieve compliance with the minimum bid price requirement or meet other Nasdaq listing criteria.
Investors are keeping a close watch as Qurate Retail navigates this regulatory challenge. The company's proactive measures to satisfy listing standards reflect its intent to maintain its presence on the Nasdaq Capital Market. The information is based on a press release statement from the company, filed with the Securities and Exchange Commission.
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