Japanese tech firm Warrantee Inc. (NASDAQ:WRNT) has been issued a non-compliance notice by Nasdaq due to the underperformance of its American Depositary Shares (ADSs). The company remains listed on the Nasdaq Capital Market, but it must regain compliance by maintaining a closing bid price of at least US$1.00 for ten consecutive business days before April 10, 2024.
The non-compliance notification was received by Warrantee on October 13, 2023, as disclosed by the company on Tuesday. The notice from Nasdaq's Listings Qualifications Department relates to non-compliance with the minimum bid price requirement (Nasdaq Listing Rule 5550(a)(2)), a crucial condition for continued listing on the exchange. In line with Nasdaq Listing Rule 5810(b), Warrantee promptly made this information public.
Despite the notice, Warrantee's operations continue as usual. The company is considering various measures to restore compliance, including a potential reverse share split.
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