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Innovation Beverage Group Ltd (NASDAQ:IBG) announced Tuesday it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. The company received written confirmation from Nasdaq, dated Monday, that the matter has been resolved.
The company had previously received notices from Nasdaq indicating non-compliance with the minimum bid price requirement, which had been appealed to the Nasdaq Hearings Panel. According to the statement, Innovation Beverage Group effected a one-for-five reverse stock split on September 26. Following the reverse split, the closing bid price of the company’s ordinary shares remained at or above $1.00 for at least ten consecutive trading days, meeting the requirement for continued listing.
Nasdaq confirmed that the compliance matter is now closed. The information is based on a press release statement included in the company’s SEC filing.
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