Starbox Group Holdings Ltd (NASDAQ:STBX) shares are trading lower by 51% to $0.10 Wednesday morning, despite a lack of company-specific news for the session. The stock may be falling on continued weakness after the company last week received a notification from Nasdaq regarding its non-compliance with the minimum share price requirement.
The rule stipulates a minimum bid price of $1.00 per share for continued listing on Nasdaq. The company has 180 days to meet this requirement by maintaining a closing bid price of at least $1.00 for ten consecutive business days.
Failure to do so could lead to delisting, but the company's day-to-day operations remain unaffected. To comply, they may consider options like a reverse share split.
According to data from Benzinga Pro, STBX has a 52-week high of $4.46 and a 52-week low of $0.097.