Leafly Holdings says it is back in the good graces of the Nasdaq after meeting the stock exchange’s minimum bid-price requirement.
The announcement comes after the marijuana e-commerce platform consolidated its shares on a 20-to-one basis in September in order to comply with the Nasdaq’s rules.
The exchange requires a minimum bid price of $1 for listed equities.
Leafly achieved that requirement for the necessary 10 consecutive business days as of Sept. 25, the Seattle-based company said in a news release.
“As a result, the listing matter is now closed,” Leafly said in a statement.
Share consolidations such as Leafly’s have become common among Nasdaq-listed marijuana and ancillary companies as a way to maintain compliance amid low equity valuations.
For example, ancillary marijuana company Agrify Corp. consolidated its Nasdaq-listed shares in July and international cannabis operator Clever Leaves followed suit in August.
Conversely, Nasdaq-listed ancillary cannabis company Springbig Holdings delisted from the exchange in September after failing to regain compliance.
H/T: mjbizdaily.com
