Support.com (SPRT) to Transfer to NASDAQ Capital Market
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Support.com, Inc. (NASDAQ: SPRT), makers of Support.com® Cloud software for Support Interaction Optimization, and a leading provider of tech support and turnkey support center services, today announced that it received a determination from the NASDAQ Stock Market granting approval of the Company's request to transfer its listing to the NASDAQ Capital Market from the NASDAQ Global Select Market. As a result of the transfer to the NASDAQ Capital Market, the Company is being granted an additional 180-day grace period to regain compliance with NASDAQ’s minimum bid price requirement.
The Company expects its stock to begin trading on the NASDAQ Capital Market effective at the start of trading on Friday, August 19, 2016. The Company's stock will continue to trade on NASDAQ under the symbol "SPRT." The NASDAQ Capital Market is a continuous trading market that operates in substantially the same manner as the NASDAQ Global Select Market and listed companies must meet certain financial and corporate governance requirements to qualify for listing on the NASDAQ Capital Market.
Upon transfer to the Capital Market, the Company is being afforded an additional 180-day grace period to regain compliance with NASDAQ's minimum bid price requirement. As previously disclosed, Support.com was notified by NASDAQ on February 18, 2016, that it no longer satisfied the minimum bid price requirement for continued listing of $1.00 per share. In anticipation of not meeting the minimum bid price requirement by August 16, 2016, the end of the initial 180-day grace period, the Company applied to transfer the listing of its stock to the Nasdaq Capital Market. In order to regain compliance, the minimum bid price per share of the Company's common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on February 13, 2017. If the Company fails to regain compliance during this grace period, the Company's common stock will be subject to delisting by NASDAQ. The Company has provided NASDAQ written assurance that it will implement a reverse stock split if the closing bid price of its stock is not at least $1 for a minimum of 10 consecutive business days during the extension period.
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