Determine Found Non-Compliant With Nasdaq
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based Determine Inc. (Nasdaq: DTRM) is facing procedures that could ultimately result in the company being delisted from The Nasdaq Stock Market. The tech company says it has received a notification letter from Nasdaq saying it is out of compliance due to its continuous low stock price.
In a filing with the U.S. Securities and Exchange Commission, the company says the letter was issued after its common stock had closed below $1 per share for 30 consecutive days. The price of $1 per share is the minimum required closing bid price for continued listing on The Nasdaq Capital Market.
Determine says the notice from Nasdaq has no immediate effect on its listing, and the company has 180 calendar days to regain compliance. In order to become compliant, the closing bid price of Determine’s stock must be at least $1 per share for a minimum of 10 consecutive business days.
If the company does not regain compliance by March 25, 2019, it may be eligible for additional time to regain compliance or it may request a hearing before a Nasdaq Hearings Panel.
Determine announced in June 2016 it would relocate its global headquarters from California to Carmel. The following year, the company announced a stock offering in an effort to raise nearly $5 million.
