After markets closed on Friday, the company announced it had received a delisting notice from the Nasdaq Exchange’s Listing Qualifications Department. The notice was sent because BRSH shares remained below the $1 minimum bid price for too long.
In order for the company to get out of the delisting range, its shares must trade above $1 each for 10 consecutive business days in a row. With the recent warning, the company has until May 13, 2024, to achieve this goal. Even if it doesn’t, it may be eligible for an additional 180-day extension before being delisted.
Bruush Oral Care says it will continue to monitor its stock throughout the compliance period. It will be considering options to increase its share price during that time.
What This Means for BRSH Stock
Bruush Oral Care’s shares aren’t in danger of being delisted anytime soon. The company may also use a reverse stock split to increase the price of its shares below the minimum. However, investors will have to wait and see what it does in response to the delisting news.
BRSH stock is up 184% as of Monday morning, with some 26 million shares changing hands. For the record, its daily average trading volume is closer to 1.7 million shares.
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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.