$Elevai Labs (ELAB.US)$ DELISTING ON MONDAY? Elevai Labs Inc...
DELISTING ON MONDAY?
Elevai Labs Inc. (NASDAQ:ELAB), a pharmaceutical company, is grappling with compliance challenges that could lead to the delisting of its common stock from The Nasdaq Capital Market. On Monday, the company received a deficiency notice from Nasdaq due to its failure to meet the minimum bid price and stockholders’ equity requirements for continued listing.
The Nasdaq Listing Rule 5550(a)(2), known as the Bid Price Rule, mandates that the company's common stock maintain a minimum closing bid price of $1.00 per share. Elevai Labs has been unable to meet this standard since March 6, 2024, and despite a 180-day grace period that ended on September 3, 2024, the company has not regained compliance. The firm's inability to request an extension, partly because of insufficient stockholders’ equity, has exacerbated the situation.
The Nasdaq Listing Rule 5550(a)(2), known as the Bid Price Rule, mandates that the company's common stock maintain a minimum closing bid price of $1.00 per share. Elevai Labs has been unable to meet this standard since March 6, 2024, and despite a 180-day grace period that ended on September 3, 2024, the company has not regained compliance. The firm's inability to request an extension, partly because of insufficient stockholders’ equity, has exacerbated the situation.
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