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CALGARY - DevvStream Corp. (NASDAQ:DEVS), a carbon management firm with a market capitalization of $8.5 million, has regained compliance with Nasdaq’s minimum bid price requirement, the company announced Wednesday.
The company received notice from Nasdaq on August 22 that it had met the exchange’s listing rule 5550(a)(2), which requires companies to maintain a minimum bid price of $1.00 per share. DevvStream’s common shares, currently trading at $2.21, had closed above the $1.00 threshold for more than ten consecutive trading days as of August 21. According to InvestingPro, the stock has experienced significant volatility, trading between $1.75 and $154.77 over the past 52 weeks.
The notification resolves a previous compliance issue. DevvStream had earlier received a staff determination from Nasdaq indicating that its common shares had closed below the minimum required price for 30 consecutive trading days.
With this development, DevvStream is now in full compliance with Nasdaq’s listing requirements and will continue to be listed and traded on The Nasdaq Capital Market.
DevvStream, founded in 2021, specializes in the development, investment, and sale of environmental assets. The company focuses on carbon management solutions across three domains: offset portfolio management, project investment and acquisitions, and project development.
The information in this article is based on a company press release statement.
In other recent news, DevvStream Corp. announced an increase in its purchase agreement commitment with Helena Global Investment Opportunities 1 Ltd. from $40 million to $300 million. This amendment significantly raises Helena Global’s commitment by $260 million, according to a filing with the Securities and Exchange Commission. Additionally, DevvStream has entered into a securities purchase agreement for up to $300 million in senior secured convertible notes, with an initial funding of $10 million completed. The company plans to allocate 75% of the net proceeds from these notes toward purchasing liquid digital assets. In compliance news, DevvStream has regained compliance with Nasdaq’s minimum bid price requirement, ensuring its continued listing on the Nasdaq Capital Market. Furthermore, the company has unveiled a cryptocurrency treasury strategy, which includes assets like Bitcoin and Solana, with BitGo Trust Company and FRNT Financial Inc as partners. Lastly, DevvStream has partnered with Energy Efficient Technologies to enhance its carbon management efforts, potentially generating revenue from carbon credits and energy savings.
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