Performant Financial Corp. on Dec. 27, 2019, received a letter from the Nasdaq Stock Market's listing qualifications department that it no longer meets the minimum bid price requirement of $1 per share.

Nasdaq said the company's closing common share price for the 30 consecutive business days from Nov. 13, 2019, to Dec. 26, 2019, did not meet the requirements. The company has 180 calendar days, or until June 24, to regain compliance with the requirement by having a bid price for its common stock of close to $1.00 per share or higher for a minimum of 10 consecutive business days.

Performant Financial plans to notify Nasdaq in a timely manner that it intends to pursue actions to meet the requirement and said the notice has no immediate impact on the listing of its common stock.