Allbirds, Inc. reported that it received a notice from The Nasdaq Stock Market, LLC on April 2 that the company is no longer in compliance with Nasdaq’s Listing Rule 5450(a)(1) because the closing bid price of its Class A common stock has fallen below $1.00 per share for 30 consecutive days.
Allbirds’ Class A common stock will continue to be listed and traded on the Nasdaq, subject to Allbirds’ compliance with other Nasdaq continued listing standards, and the company said operations are not expected to be affected by receipt of the Notice.
Under the provisions of Nasdaq Listing Rule 5810(c)(3)(A), Allbirds has a limited time frame of 180 calendar days from the date of the Notice, or until September 30, 2024, to regain compliance with the minimum bid price requirement. Failure to do so within this period could result in Allbirds being delisted from the Nasdaq.
Allbirds has expressed its commitment to actively monitor the bid price of its Class A common stock. The company is considering various actions it may take in response to this notification, with the primary goal of regaining compliance with the continued listing requirements. However, no decisions about a specific response have been made at this time.
Image courtesy Allbirds
