Sphere 3D Once More not in Compliance With Nasdaq

In a SEC filing, Sphere 3D Corp. wrote that it received a letter from the Nasdaq Listing Qualifications department of The Nasdaq Stock Market LLC notifying the company that it was not in compliance with the requirement of Nasdaq Marketplace Rule 5550(a)(2) for continued inclusion on The Nasdaq Capital Market as a result of the closing bid price for the company’s common stock being below $1.00 for 30 consecutive business days.

This notification has no effect on the listing of the company’s common shares at this time.

The Nasdaq Marketplace Rules provide the company with 180 calendar days, or until July 1, 2020, to regain compliance, which will require a closing bid price for the company’s common stock above $1.00 for a minimum of 10 consecutive business days.

If the company does not comply with Marketplace Rule 5550(a)(2) by July 1, 2020, the company may be eligible for additional time to demonstrate compliance with the bid price requirement.

To qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

If the company meets these requirements, the company will be granted an additional 180 days or until December 28, 2020 to become compliant. If the company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will notify the company of its determination to delist the company’s common shares, at which point the company would have an opportunity to appeal the delisting determination to a Hearings Panel.

Read also:
Sphere 3D: Fiscal 2Q19 Financial Results
Less tan $1 million in sales with $6 million net loss
August 16, 2019 | Press Release
Sphere 3D Regains Compliance with Nasdaq
With minimum bid price requirement
November 23, 2018 | Press Release
Sphere 3D Could Be Delisted From Nasdaq
Peter Tassiopoulos named CEO, replacing Eric Kelly.
November 19, 2018 | Press Release
Sphere 3D Once More Not in Compliance With Nasdaq
As bid price for common stock below $1 for 30 consecutive days
June 6, 2018 | Press Release