Erayak Power Solution Group Inc. Announces Receipt Of Nasdaq Minimum Bid Price Notification
Portfolio Pulse from Benzinga Newsdesk
Erayak Power Solution Group Inc. (NASDAQ: RAYA) received a notification from Nasdaq on November 15, 2023, for not meeting the minimum bid price requirement of $1.00 per share. The company has 180 days until May 13, 2024, to regain compliance. If Erayak's shares close at $1 or higher for 10 consecutive business days, Nasdaq will confirm compliance. Failing to comply within the initial period, Erayak may get an additional 180 days if it meets other listing standards and may consider a reverse stock split to address the issue.
November 20, 2023 | 9:02 pm
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Erayak Power Solution Group Inc. is under pressure to boost its stock price above $1 to comply with Nasdaq's minimum bid price rule. The company has until May 13, 2024, to achieve compliance or may resort to a reverse stock split.
The receipt of the Nasdaq minimum bid price notification is a negative signal for investors, indicating that the company's stock price is below the required threshold. This could lead to increased selling pressure as investors may lose confidence in the company's ability to maintain its listing. The potential for a reverse stock split may also dilute current shareholders' value, further impacting the stock negatively in the short term.
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RELEVANCE 100