OAKLAND, CA - ThredUp Inc. (NASDAQ:TDUP), a retail-catalog and mail-order house, has successfully regained compliance with the minimum bid price requirements for continued listing on both The Nasdaq Global Select Market and the Long Term Stock Exchange (LTSE), as per the notifications received by the company on Monday. The stock, currently trading at $1.77, has shown strong momentum with significant gains over the past three months, according to InvestingPro data.
The Nasdaq Listing Qualifications Department confirmed that ThredUp's Class A common stock has maintained a closing bid price of at least $1.00 per share over a minimum of 10 consecutive business days, meeting the Nasdaq Minimum Bid Price Requirement. This achievement comes after the company was previously notified of non-compliance on September 24, 2024, as detailed in a Current Report on Form 8-K filed on September 27, 2024. While the company maintains impressive gross profit margins of 68%, InvestingPro analysis indicates the stock is currently trading below its Fair Value, with 8 additional key insights available to subscribers.
Similarly, the LTSE Listing Qualifications Department issued a letter to ThredUp on the same day, affirming that the company has also met the LTSE Minimum Bid Price Requirement under the same conditions. ThredUp had received an initial notice of non-compliance from the LTSE on September 26, 2024.
ThredUp, headquartered at 969 Broadway, Suite 200, Oakland, CA, operates under the SIC code for retail-catalog and mail-order houses. With a market capitalization of $201 million, the company exhibits high price volatility and operates with moderate debt levels. The company, incorporated in Delaware with a fiscal year ending on December 31, is listed on two stock exchanges under the ticker symbol TDUP. Discover comprehensive analysis and detailed metrics in the exclusive Pro Research Report, available on InvestingPro.
In other recent news, ThredUp, a leading online resale platform for clothing and accessories, has reported strong financial performance for the third quarter of 2024, exceeding expectations. The company's Gross Merchandise Value (GMV) saw a 7% year-over-year increase, reaching $457 million, largely driven by gains in new buyer acquisition and retention. In a significant strategic move, ThredUp has divested its European business, Remix, through a management buyout, allowing the company to concentrate on its primary U.S. market.
The company's adjusted EBITDA has been positive for five consecutive quarters, with U.S. cash flow positivity anticipated for the full year. The fourth-quarter U.S. revenue outlook has been raised to between $58 million and $60 million, with full-year projections of $250.8 million to $252.8 million.
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