RedCloud Expects Nasdaq Delisting Determination on Oct 12
RCT is trading near its 52-week low of $0.17 (2.7% above the low) on light trading volume (0.3× avg).
Summary
RedCloud expects Nasdaq to issue a delisting determination on or about October 12, following the exchange's earlier notice that the company failed to maintain the required $35 million minimum market value. The company will be entitled to appeal the determination by filing a request for an oral hearing before the Nasdaq Hearings Panel, and it intends to file such a request, which will stay any suspension of trading or delisting of its securities. The stock trades at $0.1745, near its 52-week low, with a market cap of roughly $12.5 million. This comes after a going concern warning in the September 30 filing and a series of insider purchases at $0.25 per share. RedCloud Holdings plc has also set a vote on a 20-for-1 reverse split to address Nasdaq compliance.
At the time of this announcement, RCT was trading at $0.17 on NASDAQ in the Technology sector, with a market capitalization of approximately $12.5M. The 52-week trading range was $0.17 to $2.39. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.