Fishers-based American Resources Corp. announced Tuesday that it has regained compliance with Nasdaq’s listing standards related to a public company’s minimum stock price.
The company said it received a letter from Nasdaq Stock Market confirming that its shares had maintained a closing bid price of $1 or greater for 12 consecutive business days, ending July 25.
The company’s stock closed at $1.21 on Tuesday. It’s last day to close at less than $1 was on July 9, when the price finished at just less than $0.87. According to Yahoo Finance, the company’s 52-week range is $0.38 to $1.68.
American Resources specializes in the extraction, processing, transportation and sale of metallurgical coal and pulverized coal injection to the steel industry.
“Transparency, governance and compliance remain top priorities for our team,” American Resources CEO and Chair Mark Jensen said in a statement released by the company.
“Regaining compliance with Nasdaq’s minimum bid price requirement reflects our continued commitment to delivering value for our shareholders,” he said. “As we help lead in providing real solutions to drive U.S. mineral independence to strengthen national security and domestic manufacturing, we’re grateful for Nasdaq’s responsiveness and the strong working relationship we’ve built.”
American Resources’ operations are located primarily in the central Appalachian basin of eastern Kentucky and southern West Virginia, where the company says where premium-quality metallurgical carbon and rare earth mineral deposits are concentrated.
The company started trading on the Nasdaq in 2019. It previously traded on the OTC Markets Group.