DeFi Tech Misses Nasdaq Price Threshold, Faces Delisting Review
DeFi Technologies (DEFT) has missed its deadline to meet Nasdaq's minimum bid price requirement of $1. The company's shares closed at $0.6032 on August 31, falling short of the necessary streak of consecutive closing prices above $1.
Nasdaq will review DeFi Technologies' eligibility for another 180-day compliance period or issue a written delisting determination. This is based on the company's initial 180-calendar-day period, which ended on September 1.
The Nasdaq threshold uses consecutive closing prices, and DeFi Technologies did not have an active qualifying streak at the end of August. The shares' daily history shows every August close below $1, making it impossible to meet the requirement in time.
DeFi Technologies has a share consolidation option available, but it remains unused. This could be used to address the per-share requirement and potentially qualify for another compliance period.