Pineapple Energy (NASDAQ:PEGY) stock is heading higher on Tuesday after the solar energy company announced plans to regain compliance with Nasdaq Exchange listing requirements.
Pineapple Energy notes that the Nasdaq Exchange has given it until July 24, 2024, to regain compliance with its minimum bid rule. The company’s shares are currently trading for below 10 cents. This has it breaking the minimum bid and low-priced stock rules.
Pineapple Energy plans to enact a reverse stock split to get its shares back above the $1 minimum required for listing on the exchange. The company intends to do this before the July 24 deadline.
PEGY Stock Shareholder Meeting
Before that can happen, Pineapple Energy needs approval for the reverse stock split from its shareholders. The company is holding its annual shareholder meeting on July 1 and intends to seek approval during it.
If all goes well, investors will approve that reverse stock split. The company then intends to enact the split by July 11. Doing so would give it the 10 days needed to trade above $1 per share to regain compliance before the July 24 cutoff date.
PEGY stock is up 43.7% on Tuesday morning after announcing its plan. Trading volume is also high at 65 million shares. The company’s daily average trading volume is below that at 7 million shares.
There are even more stock market stories that traders need to know about on Tuesday.
We have all of the hottest stock market news that investors will want to read about today. Among that is what has shares of HWH International (NASDAQ:HWH) stock up, the biggest pre-market stock movers this morning and more. All of that info is available at the links below!
More Stock Market News for Tuesday
- Why Is HWH International (HWH) Stock Up 43% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Why Nio (NIO) Stock Just Hit a 12-Month Low
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
