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Dallas-based Solidion Technology Inc. has received a notification from the Nasdaq Stock Market indicating a potential delisting due to its share price falling below the required minimum. The company, which operates within the miscellaneous electrical machinery sector, has been given until January 28, 2025, to address the issue and meet Nasdaq's minimum bid price requirement.
On August 1, 2024, Nasdaq informed Solidion that its common stock had not maintained the minimum closing bid price of $1.00 per share for 30 consecutive business days, as stipulated by Nasdaq Listing Rule 5450(a)(1). This notice does not immediately affect the listing of Solidion's common stock, which trades under the ticker STI on the Nasdaq Global Market.
Solidion, previously known as Nubia Brand International Corp. before a name change on September 2, 2021, has a 180-day period to regain compliance. To achieve this, the company's common stock must close at or above $1.00 per share for at least 10 consecutive business days before the January 2025 deadline.
Should Solidion fail to meet the criteria by the deadline, it may be eligible for a second 180-day grace period if it applies to transfer its listing to the Nasdaq Capital Market, provided it meets all other initial listing standards except the minimum bid price.
The company, led by CEO Jaymes Winters, is currently evaluating options to resolve the deficiency and regain compliance with Nasdaq's continued listing requirements. However, there is no guarantee that Solidion will be able to meet the minimum bid price requirement or comply with other Nasdaq listing criteria.
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