Auddia, the firm behind the faidr Superapp, has announced plans to appeal against a potential delisting from Nasdaq. The decision comes in response to the company failing to meet the $1 minimum bid price requirement as of October 24. This follows an initial warning issued in April and a compliance deadline on October 23.
The appeal plan will stave off any trading suspension during the process. Auddia's shares have been experiencing a downward trend, with a significant 3.2% drop recorded on Monday. The shares closed at just 21 cents, a stark contrast to its last above-$1 closing price of $1.22 per share on June 12.
The company was flagged by Nasdaq for not meeting the minimum bid price requirement, putting it at risk of being delisted. This move by Auddia is seen as an attempt to safeguard its position on the exchange and stave off potential negative impacts on its market standing.
InvestingPro Insights
According to real-time data from InvestingPro, as of Q3 2021, Auddia's net income has experienced a drop of 2.5% compared to the same period last year. This aligns with the company's downward share price trend. Additionally, the company's total assets have decreased by 1.8% in the last twelve months as of Q3 2021.
InvestingPro Tips suggest that potential investors should keep a close eye on Auddia's next steps. The company's appeal against delisting could be indicative of its commitment to improving its financial performance and regaining its market standing. Another InvestingPro Tip advises investors to monitor the company's quarterly financial reports as these will provide insights into whether Auddia's strategies are leading to financial recovery.
These are just two of the many valuable tips available on InvestingPro, which offers a wealth of insights and data to help investors make informed decisions.
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