LOS ANGELES - Intergroup Corporation (NASDAQ:INTG), a real estate and construction company, disclosed on Tuesday that it has received a notice from the Nasdaq Stock Market due to its failure to maintain the minimum Market Value of Listed Securities (MVLS) over a specified period, which may lead to its delisting.
The notice, dated November 21, 2024, stated that Intergroup did not meet the minimum MVLS of $35 million required by Nasdaq Listing Rules 550(b)(1) and 5550(b)(3) from October 7, 2024, to November 20, 2024. As a result, the company is currently not in compliance with Nasdaq's continued listing standards.
Intergroup has been provided with a grace period until May 20, 2025, to regain compliance. During this period, the company must achieve an MVLS of at least $35 million for a minimum of ten consecutive business days to meet Nasdaq's requirements. If Intergroup fails to meet this criterion within the given timeframe, it could be subject to delisting procedures.
The company, which operates in the apartment buildings sector under the Standard Industrial Classification code 6513, is headquartered in Los Angeles, California, and was formerly known as Mutual Real Estate Investment Trust before its name change in 1986.
InvestingPro Insights
The recent Nasdaq notice to Intergroup Corporation (NASDAQ:INTG) regarding its potential delisting aligns with several InvestingPro metrics and tips that shed light on the company's current financial situation.
InvestingPro data shows that INTG's market capitalization stands at just $29.81 million, well below the $35 million threshold required by Nasdaq. This low market cap is reflected in the company's stock performance, with InvestingPro reporting a significant 20.55% price decline over the past three months and a 37.43% drop over six months.
Two relevant InvestingPro Tips highlight INTG's challenges: "Price has fallen significantly over the last three months" and "Stock has taken a big hit over the last six months." These tips correlate directly with the company's struggle to maintain the required market value for Nasdaq listing.
It's worth noting that InvestingPro offers 11 additional tips for INTG, providing a more comprehensive analysis of the company's financial health and market position. Investors seeking a deeper understanding of Intergroup's situation may find these additional insights valuable in assessing the company's prospects for regaining compliance with Nasdaq's listing requirements.
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