TheStreet Inc. on Dec. 14 received a notice from the Nasdaq Stock Market LLC about noncompliance to a listing rule.
According the notice received, the minimum bid price of the company’s common stock on the Nasdaq Global Market has closed below $1.00 per share for 30 consecutive business days, according to a Dec. 16 SEC filing.
The company has 180 calendar days, or until June 12, 2017, to regain compliance with the rule. TheStreet will regain compliance if at any time before that date the company's common stock closes at $1.00 per share or more for at least 10 consecutive business days.
If the company fails to regain compliance by June 12, 2017, it will receive a delisting notification from Nasdaq, unless TheStreet requests a hearing before a Nasdaq hearings panel. The company may, alternatively, apply to transfer its securities to Nasdaq Capital Market if it satisfies the requirements for initial listing with the exception of the minimum bid price requirement. In the event that such an application is approved, TheStreet will have another 180 days to comply with the listing requirements to have its common stock remain listed on Nasdaq.