In the AH session, there isn’t really any company-specific news that prompted the share price of Naked Brand Group Limited (NASDAQ: NAKD) to rise today, and investors will want to take that as an exciting indication.
Though on November 27 2020, Naked Brand Group Limited (NASDAQ: NAKD), a world leader in intimate garments and swimwear, has obtained approval from the Nasdaq Stock Market Listing Qualifications Department that an extended 180-day time has been given to the firm, or until May 24, 2021, to restore compliance with the minimum $1.00 bid price per share provision of Nasdaq’s Marketplace Regulation 5550(a) (2).
Nasdaq has agreed that to regain compliance, the Corporation is liable for an extended duration of 180 calendar days or until May 24, 2021. The decision of Nasdaq shall be dependent on the Company meeting the continued listing condition for the market valuation of publicly owned securities and all other relevant initial listing conditions in the Stock Market, except for the bid price requirement, and the Company’s written notice of its intention to resolve the deficiency during the second compliance period by effecting a reverse split inventory. Suppose the closing bid price of the Company’s security is at least $1 per share for a minimum of 10 consecutive business days at any point during this additional period. In that case, Nasdaq will have written proof of compliance, and this matter will be closed.
This latest Nasdaq announcement has no immediate impact on the listing or exchange of the firm’s common stock, which will continue to trade under the symbol ‘NAKD’ on the Nasdaq Share Exchange.