SoFi CEO enters prepaid forward contract on 1.5 million shares
NEW YORK - Paranovus Entertainment Technology Limited (NASDAQ:PAVS) announced Tuesday it has received a deficiency notice from Nasdaq for failing to maintain the minimum required bid price of $1.00 per share. The stock currently trades at $0.84, having declined over 30% in the past six months according to InvestingPro data.
The notification, received on July 11, comes after PAVS’s Class A ordinary shares traded below the $1.00 threshold for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The company has until January 7, 2026 to regain compliance with the minimum bid price requirement. Compliance can be achieved if the closing bid price reaches at least $1.00 for a minimum of 10 consecutive business days during this period.
If Paranovus fails to meet this requirement by the deadline, it may be eligible for an additional 180-day compliance period, provided it meets other Nasdaq listing standards and submits a written plan to address the deficiency, potentially including a reverse stock split.
The notification does not immediately affect Paranovus’s listing status on the Nasdaq exchange.
Paranovus Entertainment Technology focuses on AI-powered entertainment products and TikTok-related e-commerce solutions. The company completed an acquisition of controlling equity interests in Bomie Wookoo Inc., a New York-based e-commerce solutions provider, in March 2025. The company has recently undergone strategic transformation, exiting its legacy e-commerce, internet information, and advertising businesses in September 2023 and ceasing its automobile sales business in July 2024.
The information in this article is based on a company press release statement.
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