Shares of Naked Brand Group limited [NASDAQ: NAKD] skyrocketed 6.97% during the pre-market trading session of Friday. The strong performance of the firm came after it has got the letter from the Listing Qualifications Department of The Nasdaq Capital Market.
The letter warned the firm that the lowest possible bid price for the ordinary shares of the firm was lower than $1.00 per share for a period of 30 successive business days. Furthermore, it has also notified the firm that it didn’t fulfill the lowest possible bid price constraint stated under Nasdaq Listing Rule 5550(a)(2).
Currently, the firm has disclosed that there is no negative effect at this time on the listing of the ordinary shares of the firm. Moreover, the shares of the firm will continue to trade nonstop under the symbol “NAKD”. Naked management is planning to actively examine the bid price for its ordinary shares and will take into account all available alternatives to reclaim compliance with the Nasdaq minimum bid price constraint.
The firm has also received a compliance period of 180 calendar days to recapture compliance with the least minimum bid price obligation. The firm has got the time until October 25, 2021. If at any time during the 180-day compliance period, the closing bid price per share of the firm’s ordinary shares is at least $1.00 for a least of ten consecutive business days. Moreover, Nasdaq will offer the firm a written validation of compliance and the matter will be concluded.