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Rimini Street , Inc. (NASDAQ:RMNI), a global provider of enterprise software products and services with a market capitalization of $366.55 million, has successfully regained compliance with Nasdaq’s listing rules regarding audit committee requirements. The company, whose stock has surged nearly 14% in the past week and is trading near its 52-week high, announced on Monday it had received formal notification from Nasdaq that it met the necessary standards following the appointment of an independent director to its Audit Committee.
The issue arose when a member of Rimini Street’s Audit Committee resigned, leaving the company with only two members instead of the minimum three required by Nasdaq Listing Rule 5605(c)(2). To address the deficiency, Rimini Street appointed Jay Snyder, an existing independent director on the board, to the Audit Committee effective March 1, 2025. This move was initially reported in an SEC filing on Sunday. According to InvestingPro data, analysts expect the company to return to profitability this year, with a forecasted earnings per share of $0.39.
The Audit Committee is now comprised of three qualified, independent board members, which aligns with Nasdaq’s continued listing rules. The swift action taken by Rimini Street to remedy the shortfall demonstrates the company’s commitment to maintaining high governance standards and its adherence to regulatory requirements.
This development is significant for investors as it ensures that Rimini Street will continue to be traded on the Nasdaq Global Market without interruption. The company’s ability to quickly resolve the compliance issue can also be seen as indicative of its robust internal processes and dedication to corporate governance.
The information reported here is based on a press release statement and reflects the latest updates provided by Rimini Street through an 8-K filing with the United States Securities and Exchange Commission. For deeper insights into Rimini Street’s financial health and detailed analysis, including 10+ additional ProTips and comprehensive valuation metrics, check out the full company report on InvestingPro.
In other recent news, Rimini Street Inc. reported its Q4 2024 earnings, with revenue reaching $114.2 million, surpassing the forecast of $102.51 million. The company’s earnings per share (EPS) met expectations at $0.07. Despite the positive revenue results, the full-year revenue saw a slight decline of 0.6%, totaling $428.8 million. In a separate development, Alliance Global Partners (NYSE:GLP) upgraded Rimini Street’s stock from Neutral to Buy, raising the price target to $6.50 from $2.25. This upgrade reflects optimism about Rimini Street’s financial prospects, including anticipated cash recovery from Oracle (NYSE:ORCL) litigation. Additionally, Rimini Street appointed Jay Snyder to its Audit Committee, bringing the company back into compliance with Nasdaq’s audit committee requirements. These developments highlight Rimini Street’s strategic efforts in governance and financial performance, offering investors key insights into the company’s trajectory.
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