$Universe Pharmaceuticals (UPC.US)$ 06:32 AM EDT, 07/19/2022...
$Universe Pharmaceuticals(UPC.US$ 06:32 AM EDT, 07/19/2022 (MT Newswires) -- Universe Pharmaceuticals (UPC) said Tuesday that it received a notice from the Nasdaq Stock Market that the company is not in compliance with the minimum bid price requirement for continued listing on Nasdaq.
The company's share price closed at $0.59 yesterday, in trading that was less than 5% of the average daily volume.
The company added that the notification does not currently affect its business operations or its listing on the Nasdaq Global Market.
Universe Pharmaceuticals has 180 calendar days, or until Jan. 11, 2023, to regain compliance by having a closing bid price of at least $1 for a minimum of 10 consecutive business days. If the company does not regain compliance by this time, it may be eligible for additional time to regain compliance or face delisting.
The company said it may consider implementing available options such as implementing a reverse share split of its outstanding ordinary shares to regain compliance.
The company's share price closed at $0.59 yesterday, in trading that was less than 5% of the average daily volume.
The company added that the notification does not currently affect its business operations or its listing on the Nasdaq Global Market.
Universe Pharmaceuticals has 180 calendar days, or until Jan. 11, 2023, to regain compliance by having a closing bid price of at least $1 for a minimum of 10 consecutive business days. If the company does not regain compliance by this time, it may be eligible for additional time to regain compliance or face delisting.
The company said it may consider implementing available options such as implementing a reverse share split of its outstanding ordinary shares to regain compliance.
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