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Lazydays Holdings, Inc. (NASDAQ:GORV), a company currently valued at $16.51 million in market capitalization, announced Monday that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), according to a statement based on a recent SEC filing. The company received written notice from the Nasdaq Listing Qualifications Department confirming that, for 12 consecutive business days from July 14 to July 29, the closing bid price of its common stock met or exceeded the $1.00 per share minimum required for continued listing on the Nasdaq Capital Market. According to InvestingPro data, the stock currently trades at $4.49, though it has experienced significant volatility with a -30.92% decline in the past week.
The notice resolves a previous issue disclosed in January, when Lazydays Holdings was notified by Nasdaq staff that its common stock had closed below the $1.00 minimum bid price for 30 consecutive business days, putting it at risk of delisting under Nasdaq rules.
As of July 30, the matter is considered closed and the company remains in compliance with all applicable listing requirements. The information is based on a press release statement included in the company’s SEC Form 8-K filing.
In other recent news, Lazydays Holdings, Inc. has regained compliance with Nasdaq’s listing requirements by meeting the minimum bid price rule. This follows the implementation of a 1-for-30 reverse stock split, which was approved by the company’s Board of Directors and took effect in July. The reverse split enabled Lazydays’ stock to begin trading on a split-adjusted basis, helping the company meet Nasdaq’s minimum bid price requirement for continued listing. Additionally, Lazydays has announced the appointment of Ron Fleming as the permanent Chief Executive Officer. Fleming, who has been with the company since 2013, previously served as the interim CEO and brings over 40 years of industry experience to the role. In financial maneuvers to improve its fiscal health, Lazydays completed transactions aimed at boosting liquidity and reducing debt. These actions included amendments with its credit facility lenders and the divestiture of non-core dealerships, resulting in approximately $14 million in retained proceeds and a reduction in non-floorplan debt to around $44 million.
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