NII Holdings Inc. failed to regain compliance with the minimum closing bid price requirement for the Nasdaq Global Select Market.
According to a Dec. 12 staff determination letter from Nasdaq Listing Qualifications, the company is not eligible for a second 180-day grace period because the company does not comply with the stockholders' equity initial listing requirement for the Nasdaq Capital Market, according to a Form 8-K filed Dec. 15.
NII Holdings was informed that unless it requests an appeal of this determination, the company's common stock will be delisted from the Nasdaq Global Select Market at the opening of business on Dec. 21.
The company has requested a hearing before a Nasdaq listing qualifications panel. The request for a hearing automatically stayed the delisting of the company's common stock pending the issuance of a determination by the panel. The hearing date will be determined by Nasdaq and, to the extent practicable, will be scheduled within 45 days from the date of the request.
NII Holdings is considering all of its options to regain compliance, including the possibility of requesting stockholder approval to amend the company's amended and restated certificate of incorporation to effectuate a reverse split of the company's common stock.