C3is Inc. (NASDAQ: CISS) stock plummeted over 64% on Friday amid concerns about Nasdaq delisting due to low share price.
C3is Inc. (CISS) faces the looming threat of delisting from the Nasdaq Capital Market. The company received a staff determination letter from Nasdaq’s Listing Qualifications Department on March 15, 2024, citing prolonged trading below the minimum bid price.
The stock has plummeted below the required threshold of $0.10 for ten straight days, up to March 14, 2024, invoking Nasdaq Listing Rule 5810(c)(3)(A)(iii) and triggering the delisting process. CISS has until March 22, 2024, to mount an appeal.
The company has declared its intention to seek a hearing before a Nasdaq Hearings Panel, thereby postponing the delisting process until the panel delivers a verdict. Such hearings usually take place within 30 to 45 days following the request.
During this appeal process, C3is Inc.’s common stock will remain available for trading on the Nasdaq Capital Market under the ticker CISS. The company had previously revealed non-compliance with another Nasdaq regulation, Rule 5550(a)(2), as its share price had remained below $1.00 for thirty consecutive trading days.
C3is Inc. is considering various options, including a potential reverse stock split, to address this matter.
C3is (NASDAQ: CISS) Stock Price Action
CISS stock plunged 64.18% to close at $0.03 on Friday. The traders had exchanged hands with 195,954,710 (195.95 million) shares compared to the average daily trading volume of 8.89 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
