Qurate Retail announced it switched Nasdaq Stock Market listings after its share price hovered below the exchange’s dollar minimum bid price since this past spring.
Qurate received approval from the stock exchange’s listing qualifications department to transfer the company’s shares from the Nasdaq Global Select Market to the Nasdaq Capital Market, the company stated.
The move by Qurate follows its receipt of notice from Nasdaq on June 10 that, based on its closing bid price falling below the market’s requirements for 30 consecutive business days, the retailer no longer complied with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market .
From a starting day on December 2, Qurate Retail will trade on the Nasdaq Capital Market through December 9, after which Nasdaq may grant the company, subject to its compliance with continued listing requirements other than the minimum bid price requirement, an additional 180-day extension to reach the price standard.
Qurate Retail reported it has assured Nasdaq it will effect a reverse stock split if necessary to regain compliance with the minimum bid price requirement prior to the extension’s expiration. If at any time before the expiration of the new compliance period, the bid price of the Qurate Stock is at least $1 for a minimum of 10 consecutive business days, the exchange will provide written confirmation of compliance for continued listing on the Nasdaq Capital Market.
Qurate Retail added the company can’t guarantee its ability to regain compliance with Nasdaq listing criteria or to successfully implement a reverse stock split if it decides to pursue one.
