Summary by Moomoo AI
On May 20, 2024, Eos Energy Enterprises, Inc. received a notification from The Nasdaq Stock Market LLC indicating the company's failure to comply with the minimum bid price requirement. The Nasdaq Listing Rule 5550(a)(2) mandates a minimum bid price of $1 per share, which Eos Energy has not maintained over the last 30 consecutive business days. While this notice does not immediately affect the company's listing, Eos Energy has been provided a 180-day period, until November 16, 2024, to regain compliance. The company must achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days within this timeframe. If compliance is not met, Eos Energy may be eligible for an additional 180-day period provided it meets certain conditions. Failure to comply within these periods could lead to delisting of the company's common stock. Eos Energy is considering options to address the issue, including a potential reverse stock split, but there is no assurance of regaining compliance or receiving an extension from Nasdaq.