Hycroft Mining (NASDAQ:HYMC) stock is in the news today after the precious metals development company revealed a delisting notice.
The company reveals the delisting news in a filing with the U.S. Securities and Exchange Commission (SEC). According to that filing, the company is facing delisting due to it not maintaining the minimum $1 bid price required.
That delisting notice gives the company 180 days, or until April 3, 2023, to regain compliance with the Nasdaq minimum bid price. It must maintain a closing price above $1 per share for 30 consecutive trading days to avoid delisting.
HYMC Stock Likely Won’t Be Delisted
Even if Hycroft Mining fails to get its share price above the $1 minimum in 180 days, it has other options. That includes an extension for an additional 180 days to regain compliance. Even so, the company does warn it may not regain compliance.
Hycroft Mining has a couple of options for boosting its share price. That includes interest from investors pushing the price of HYMC stock higher. It’s worth noting that meme stock AMC Entertainment (NYSE:AMC) holds a stake in the company.
Another option would be a reverse stock split. By consolidating shares, the company could increase the price of its stock without altering shareholders’ stakes in it. However, reverse stock splits do often see share prices slip afterward.
HYMC stock is up 6.8% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
