Helius Medical Technologies (NASDAQ:HSDT) stock is rising higher on Tuesday as investors react to the neurotechnology company regaining listing compliance.
Helius says that it is no longer in danger of having its stock delisted in an investor update. The company says this is due to it increasing the price of its shares above the $1 minimum to list on the Nasdaq.
Prior to this update, the company wasn’t complaint with Nasdaq Listing Rule 5550(a)(2). This gave it a period of time to raise the price of its common stock to remain listed on the exchange.
How Did HSDT Stock Regain Compliance?
Helius used a reverse stock split to increase the price of its shares. Specifically, the company enacted a 1-for-50 reverse stock split on Aug. 17, 2023. Doing so boosted the price of its stock well above the Nasdaq minimum bid requirement.
News of Helius regaining compliance with Nasdaq listing rules has the company’s shares seeing heavy trading on Tuesday. This has more than 1.5 million shares of the stock changing hands as of this writing. That’s a massive jump in trading volume compared to the company’s daily average of only about 39,000 shares.
HSDT stock is up 47.3% as of Tuesday morning.
Investors seeking out 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.
