Aspire Biopharma faces potential Nasdaq delisting after compliance shortfall
Raytech Holding Ltd (NASDAQ:RAY) announced Thursday it received a notice from the Nasdaq Stock Market regarding non-compliance with the minimum bid price requirement. The company disclosed in a press release statement that its ordinary shares had closed below $1.00 for 30 consecutive business days, as outlined in Nasdaq Listing Rule 5550(a)(2).
The notification, dated Monday, does not result in the immediate delisting of Raytech Holding’s shares, which will continue to trade on the Nasdaq Capital Market under the symbol “RAY.” According to the filing, the company has 180 calendar days, until April 13, 2026, to regain compliance. If the closing bid price of its ordinary shares is at least $1.00 for a minimum of 10 consecutive business days during this compliance period, the company will be considered compliant by Nasdaq.
If Raytech Holding does not meet the minimum bid price requirement by the deadline, it may be eligible for an additional 180-day grace period. To qualify, the company must meet all other initial listing standards for the Nasdaq Capital Market, except for the bid price rule, and provide written notice of its intention to resolve the deficiency, which may include a reverse stock split.
The information in this article is based on a press release statement and a filing with the Securities and Exchange Commission.
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