Cinedigm Corp. on Dec. 12 received a notice from the Listing Qualifications staff of The Nasdaq Stock Market LLC regarding the company's failure to satisfy certain listing requirements.
The bid price of the company's class A common stock for the last 30 consecutive trading days closed below the minimum $1.00 per share, according to a Form 8-K filed Dec. 18. The company also failed to meet the requirement to maintain a minimum market value of publicly held shares of $15 million for the last 30 consecutive business days.
The company said it will "consider all options" to regain compliance in accordance with the listing standards, which may include implementing a reverse stock split. The company's board and stockholders have approved the company's stock split plan.
Cinedigm has at least 180 calendar days to regain compliance. If the company fails to regain compliance with either requirement by June 10, 2019, the company may be eligible for an additional 180 calendar day compliance period if it meets certain continued listing standards and provides the Listing Qualifications staff with written notice of its intention to cure the deficiency.