FLJ Group (NASDAQ:FLJ) stock is on the move Wednesday after the apartment rental company received a delisting notice from the Nasdaq.
According to the notice from the Nasdaq, the company is in danger of being delisted due to its low share price. Shares of FLJ stock last closed out trading at 30 cents each, which is well below the minimum $1 per share price required to remain on the exchange.
Just one day of a stock remaining below $1 per share isn’t enough to trigger the delisting warning. Instead, the problem comes from FLJ shares trading below that price for 30 consecutive business days.
Will FLJ Stock Be Delisted?
Nothing’s going to happen to FLJ stock just yet. The company has a period of 180 days to regain compliance with the minimum bid price. If at any time during that period its shares close out 10 business days in a row above $1 per share, the Nasdaq will confirm its compliance and dismiss the current delisting notice.
Of course, even if those 180 days go by without regaining compliance, FLJ Group will have other choices. That includes the ability to appeal for another 180-day extension to give the stock time to get back above $1.
With the delisting news, shares of FLJ stock dropped in early morning trading. However, as of this writing, the shares are up 1.2% on Wednesday.
Investors seeking more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not hold (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.
