Springbig Holdings, a marijuana industry marketing and loyalty software company has been warned by the Nasdaq that its share price has fallen below the stock exchange’s minimum bid price requirement and faces potential delisting unless the company takes action.
The Boca Raton, Florida-based company has until June 19 to bring its stock price to at least $1 per share, according to a Springbig filing with the U.S. Securities and Exchange Commission.
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If not, Springbig might be eligible for another 180 days to transfer its stock listing from the Nasdaq Global Market to the Nasdaq Capital Market and improve the share price by way of a share consolidation.
Failing that, the company faces potential delisting from the Nasdaq.
Springbig said in the filing that it “intends to monitor closely the closing bid price of its common stock and to consider options available to it to regain
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