Naked Brand Group Limited (NASDAQ: NAKD) has disclosed that the Nasdaq stock exchange has sent a letter to the firm concerning its listing on the stock exchange. The letter has informed the firm that it has recovered conformity with the least $1.00 bid price per share prerequisite of Nasdaq's Marketplace Rule 5550.
Earlier in March 2020, the firm has been notified by the Nasdaq that its ordinary shares have been unsuccessful to sustain a bare minimum bid price of $1.00 over the preceding 30 consecutive business days in accordance with the requirements of the Listing Rules of The Nasdaq Stock Market.
Nasdaq has provided 180 days to the firm to recover the conformity of the least minimum price conditions laid down. Nasdaq extended the conformity time frame from April 16, 2020, through June 30, 2020, due to the influence of COVID-19. Nasdaq confirms that after the expiration of 180 days period the firm will have a further 180-day period till May 24, 2021, to regain the conformity.
To reclaim compliance, the firm is required to sustain the least minimum closing bid price of $1.00 or more for at least 10 successive days. As the Naked Brand Group has maintained the $1.00 bare minimum bid price, it has reclaimed conformity and the matter has been closed now.