VEON Ltd. (NASDAQ: VEON) disclosed that it has received notification from the Listing Qualifications Department of The Nasdaq Stock Market (Nasdaq) on 7 April 2022. The notification warned the company that it is not in conformity with the minimum bid price requirement outlined in Nasdaq's Listing Rule 5550(a)(2).

Nasdaq Listing Rule 5550(a)(2) needs listed securities to maintain a minimum bid price of USD 1.00 per share, while Nasdaq Listing Rule 5810(c)(3)(A) defines an inability to fulfill the minimum bid price requirement as one that lasts for 30 consecutive working days. VEON no longer fulfills the minimum bid price criterion based on the closing bid price of its ADSs for the 30 consecutive business days ending April 6, 2022.

The continuous listing status of VEON's American Depositary Shares ("ADSs") on Nasdaq is unaffected by the Minimum Bid Price notification. Furthermore, the receipt of the notification has no impact on VEON's business operations. VEON has an initial time limit of 180 calendar days or until 4 October 2022 to restore conformity with the minimum bid price requirement under Nasdaq Listing Rule 5810(c)(3)(A).

Furthermore, VEON's common stock will remain listed and traded on Nasdaq during this time. If the bid price for VEON's ADSs settles at USD 1.00 or more for a minimum of 10 successive business days during the Compliance Period, Nasdaq will notify VEON that it has met the minimum bid price requirement, except if Nasdaq practices its authority to prolong these 10 days necessity according to Nasdaq Listing Rule 5810(c)(3) (F).

Additionally, VEON plans to keep an eye on the closing bid price of its ADSs and, if necessary, evaluate all available alternatives to get back in conformity with the minimum bid price requirement. There is no guarantee that VEON will regain compliance with the minimum bid price requirement within the Compliance Time, secure a second 180-day period to regain compliance or comply with the other Nasdaq listing requirements.