RedCloud Holdings plc (NASDAQ:RCT) shares rose 18.40% to $0.13 in after-hours trading on Wednesday after the company disclosed it received a Nasdaq delisting determination.
Nasdaq Minimum Bid Price Deficiency Triggers RCT Delisting Process
On Wednesday, the United Kingdom-based technology company said Nasdaq’s Listing Qualifications Department issued a staff delisting determination on Tuesday. The company failed to comply with the listing rule, which requires a minimum bid price of $1 per share.
A bid price deficiency exists once it continues for 30 consecutive business days. RedCloud is not eligible for a second 180-day compliance period. The company said it lacks the stockholders’ equity needed to meet initial listing standards.
RedCloud has requested an oral hearing before the Nasdaq Hearings Panel. The company said the request stays any suspension or delisting until the panel decides. Shares will continue trading on the Nasdaq Capital Market under RCT.
RedCloud will submit a written compliance plan to the panel, including a commitment to a reverse stock split. As announced Oct. 6, shareholders will vote on a share consolidation at a general meeting on Oct. 30. If approved, it is expected to take effect on or about Nov. 13 and could happen before the hearing.
Trading Metrics, Technical Analysis
RedCloud has a market capitalization of about $7.85 million, a 52-week high of $2.34 and a 52-week low of $0.09. The company has approximately 68.46 million shares outstanding.
RCT has a Relative Strength Index (RSI) of 24.24.
Over the past 12 months, the stock has fallen by 93.76%.
Price Action: Shares closed on Wednesday at $0.11, up 8.27%, according to Benzinga Pro data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
Recent Comments