Nasdaq Moves to Delist SPAR Group After Failed Compliance
SGRP sits 41% above its 52-week low of $0.501.
Summary
Nasdaq notified SPAR Group on July 14 that it will delist the stock at the open on July 23, citing failure to meet the $1.00 minimum bid price and stockholders' equity requirements. The company has until July 21 to appeal. This follows a May 27 proposal by founder Robert G. Brown to restructure the board and a July 6 adjournment of a reverse split vote due to lack of quorum — the delisting notice suggests those efforts failed to stabilize the listing. With a market cap near $24 million and shares at $0.70, the delisting would push trading to the OTC, severely limiting liquidity. The appeal deadline is the immediate catalyst; if no appeal is filed, the stock will be removed from Nasdaq in eight days.
At the time of this announcement, SGRP was trading at $0.70 on OTC in the Trade & Services sector, with a market capitalization of approximately $23.6M. The 52-week trading range was $0.50 to $1.41. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Wiseek News.