Graphics specialist Chyron announced that it has regained compliance with the NASDAQ Stock Market’s “Minimum Bid Price Rule” and is therefore no longer under threat of delisting from public markets.
Chyron received a notice of potential delisting from the NASDAQ stock exchange in November 2012 after the bid price of the company’s common stock closed below $1.00 per share for the 30 consecutive business days.
From the time it received the notice of potential delisting from NASDAQ in November 2012, Chyron had an initial grace period of 180 days, or until May 6, 2013, to regain compliance with the Minimum Bid Price Rule. At that time, the company said it intended “to monitor the bid price for its common stock between now and May 6, 2013 and will consider various options available to the Company if its common stock does not trade at a level that is likely to regain compliance.”
After falling to $0.50 on this news, the company’s shares have more than doubled, and are trading at $1.06 as of today, and have traded above the $1.00 mark since January 10, 2013.
According to Chyron, the company received a letter from NASDAQ on January 25, 2013 that informed it that because its shares have closed at or above $1.00 for 10 consecutive business days (from January 10, 2013 to January 24, 2013), it has now has regained compliance with the Minimum Bid Price Rule. The company says that the matter is now closed.
Press Release: Chyron Corporation Regains Compliance With NASDAQ Listing Requirements
© Devoncroft Partners. All Rights Reserved.