Pineapple Energy (NASDAQ: PEGY) stock plunged over 6% in the pre-market trading on the delisting update. The company has revealed a plan to meet the minimum bid requirement and regain compliance.
Pineapple Energy (PEGY) has unveiled its strategy to regain compliance with Nasdaq Exchange listing requirements, citing plans for a reverse stock split before the looming July 24, 2024, deadline. The company’s recent trading activity has seen its shares dip below the 10-cent mark, triggering concerns over non-compliance with Nasdaq’s minimum bid and low-priced stock regulations.
To address these challenges, Pineapple Energy is charting a course toward a reverse stock split aimed at lifting its shares back above the critical $1 threshold necessary for continued listing on the exchange. The company plans to accomplish this before the July 24 deadline.
However, before initiating the reverse stock split, Pineapple Energy must secure approval from its shareholders. The pivotal decision is set to unfold during the company’s upcoming annual shareholder meeting scheduled for July 1.
Should shareholders greenlight the proposal, Pineapple Energy intends to implement the reverse stock split by July 11. This strategic move would afford the company the requisite 10-day trading window to surpass the $1 per share mark, aligning with Nasdaq’s compliance criteria before the deadline.
Pineapple Energy (NASDAQ: PEGY) Stock Price Action
At the time of this report, the price of PEGY stock stands at $0.0480, indicating a 6.43% decrease from the previous trading session. This week, it has seen a 9.15% surge in value.
