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SINGAPORE - iOThree Limited (NASDAQ:IOTR), a Singapore-based provider of maritime digital technologies with a market capitalization of $10.62 million, has been notified by the Nasdaq Stock Market of non-compliance with its minimum bid price rule. The company’s shares, currently trading at $0.41, did not meet the $1.00 minimum closing bid price for 30 consecutive business days between April 21, 2025, and June 2, 2025, according to the Nasdaq Listing Rule 5550(a)(2). InvestingPro data shows the stock has fallen 88.34% year-to-date, with shares trading well below their 52-week high of $5.98.
The notification, received on June 3, 2025, does not immediately affect the trading of iOThree’s shares on the Nasdaq, where they continue to be listed under the ticker "IOTR." The company has been given a 180-day period, ending on December 1, 2025, to regain compliance with the minimum bid price requirement. To comply, iOThree’s share price must close at $1.00 or higher for at least 10 consecutive business days within this timeframe. According to InvestingPro analysis, which offers 10+ additional insights about the company’s financial health, iOThree maintains a healthy current ratio of 1.3, indicating sufficient liquidity to meet short-term obligations.
If iOThree fails to meet the requirement by December 1, it may be eligible for a second 180-day period, provided it meets all other initial listing standards, excluding the bid price requirement, and submits a written notice of its intention to resolve the deficiency.
In the event of continued non-compliance after any granted extension, Nasdaq will issue a notice of delisting. iOThree has stated its intention to monitor its share price closely and explore options to address the deficiency within the compliance period.
iOThree specializes in providing solutions for vessel operations, enhancing maritime safety, and improving efficiency through digitalization. The company, which generated revenue of $9.58 million in the last twelve months with a gross profit margin of 20.14%, is committed to fostering digital innovation in the maritime sector, helping shipowners navigate changing market demands and technological advancements. For deeper insights into iOThree’s financial metrics and growth potential, InvestingPro subscribers have access to comprehensive financial analysis and real-time updates.
This news is based on a press release statement from iOThree Limited and contains forward-looking statements subject to risks, uncertainties, and other factors that could affect the company’s ability to achieve its goals. The company has disclaimed any obligation to update these forward-looking statements except as required by law.
In other recent news, iOThree Limited commenced trading on the Nasdaq Capital Market at $3.60 per share, which is below its initial public offering (IPO) price of $4.00 per share. The IPO included 2,100,000 ordinary shares, with iOThree offering 1,650,000 shares directly, and the remaining 450,000 shares provided by selling shareholders. From this IPO, iOThree Limited anticipates gross proceeds of $6.6 million before accounting for underwriting discounts and other expenses. Furthermore, the company has granted underwriters a 45-day over-allotment option to purchase up to 247,500 additional shares at the IPO price, excluding underwriting discounts, to address any over-allotments. Eddid Securities USA Inc. is the lead underwriter for this offering, with Network 1 Financial Securities, Inc. serving as a co-underwriter. These developments mark significant milestones for iOThree Limited as it enters the public market.
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