The Cosmos Holdings Inc (NASDAQ: COSM) stock price surged 27.1% after the company appealed the Nasdaq’s decision to delist its shares from the exchange after its share price traded below the mandatory $1.0 price for over 180 days.
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The company received a non-compliance notice from the Nasdaq on November 10, 2022, after its stock price failed to maintain a minim bid closing price of $0.10 for ten consecutive days. This was the second non-compliance letter after the first one was issued on July 26, 2022.
Cosmos Holdings’ appeal was based on the first non-compliance letter issued on July 26, 2022, giving it up to January 23, 2023, to regain compliance with the Nasdaq’s listing rules. Furthermore, the company had scheduled its annual general shareholders’ meeting for December 2, 2022, where it would get permission to implement a reverse stock split.
The company intends to regain compliance with the Nasdaq’s listing requirement of its share price closing above $1.00 for ten consecutive days before the January 2023 deadline.
Today’s rally shows that investors are confident that the Nasdaq will grant Cosmos Holdings’ appeal request, given that the company has taken measures to regain compliance. Still, many are waiting for the Nasdaq’s response to the appeal.
Greg Siokas, Cosmos Health’s CEO, said: “We have requested a hearing with Nasdaq to address this issue. By virtue of that request, our stock will continue to trade on the Nasdaq exchange beyond November 21, 2022. We are taking all the necessary steps to remedy this situation and maintain our Nasdaq listing to benefit our loyal shareholders.”
*This is not investment advice.
The Cosmos Holdings (COSM) stock price.
The Cosmos Holdings stock price surged 27.10% to trade at $0.1665, rising from Thursday’s closing price of $0.1310.