Maison Solutions Inc. (NASDAQ:MSS), a grocery retail company, has received a Nasdaq Staff Deficiency Letter on Monday, warning of potential delisting due to its stock price falling below the required minimum. For 30 consecutive business days, the company's common stock has closed below the $1.00 threshold mandated by Nasdaq Listing Rule 5550(a)(2).
The company now has until March 17, 2025, to address the issue and regain compliance with Nasdaq's Minimum Bid Price Requirement. To achieve compliance, Maison Solutions Inc. must maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days before the deadline.
While the deficiency letter does not immediately affect the trading of Maison Solutions' common stock, it signals the urgency for the company to improve its stock price. The company has expressed its commitment to actively monitor its share price and consider all available options to resolve the deficiency, including potentially executing a reverse stock split.
If compliance is not regained within the initial 180-day period, Maison Solutions may be granted an additional 180 days if it meets all other initial listing standards, except the bid price requirement. The company would need to notify Nasdaq of its plans to rectify the bid price shortfall.
However, if the company is unable to cure the deficiency or does not meet the requirements for an extension, Nasdaq will notify Maison Solutions of its securities being subject to delisting. At that point, the company may appeal the decision.
The forward-looking statements included in the company's report indicate that there are no guarantees regarding future performance, and actual results could differ significantly. These statements are subject to risks and uncertainties, as detailed in the company's filings with the Securities and Exchange Commission.
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