The Nasdaq Stock Market granted FlexShopper Inc. a 180-day grace period, or until Nov. 18, to regain compliance with the bid price rule.
Nasdaq in November 2018 sent a delisting notice to the company as its common share price had been below $1 for 30 consecutive days. FlexShopper had until May 20 to regain compliance with the rule by having its common shares trade at or above $1 for a minimum of 10 consecutive days or by effecting a reverse stock split.
Nasdaq will notify FlexShopper that its common shares will be delisted if it fails to regain compliance with the rule by Nov. 18. The company has the option to appeal this decision to the stock exchange.