In a recent development, Oblong Inc. (NASDAQ: OBLG), a technology company, has been granted an additional 180 days to comply with the Nasdaq Capital Market's minimum bid price requirement. This extension provides Oblong with a new deadline of September 16, 2024, to boost its common stock price to at least $1.00 per share, a benchmark it has struggled to meet over the past months.
The Nasdaq's bid price rule mandates that listed companies maintain a minimum closing bid price of $1.00 per share. Since September 21, 2023, Oblong's stock has been trading below this threshold, which led to the receipt of a notice from Nasdaq regarding non-compliance. To address this issue, Oblong requested an extension, which has now been approved, allowing the company additional time to rectify the situation.
Oblong's stock will need to close at or above $1.00 per share for at least 10 consecutive business days before the new September deadline to regain compliance. Failure to achieve this will result in a notification of delisting, although the company would have the right to appeal such a decision. During this period, Oblong's common stock will continue to trade on the Nasdaq under the ticker symbol OBLG.
The company has indicated its intention to closely monitor its stock's closing bid price and is considering various strategic options to satisfy the Nasdaq's requirement. However, it is uncertain whether any measures Oblong may take will be successful in maintaining its listing.
This information is based on a statement released by the company in a regulatory filing with the Securities and Exchange Commission. It is important to note that the extension by Nasdaq does not immediately impact the trading of Oblong's stock, which remains active in the market.
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