Naked Brand Group Limited (NAKD) Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
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Naked Brand Group Limited (NASDAQ: NAKD) ("Naked" or the "Company"), a global leader in intimate apparel and swimwear, has received notification from the Listing Qualifications Department of the Nasdaq Stock Market that the company has been granted an additional 180-day period, or until May 24, 2021, to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq's Marketplace Rule 5550(a)(2) (the "Rule").
Additional Nasdaq Compliance Period
Nasdaq has determined that the Company is eligible for an additional 180 calendar day period or until May 24, 2021, to regain compliance. Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this additional time period the closing bid price of the Company's security is at least $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written confirmation of compliance and this matter will be closed.
This current notification from Nasdaq has no immediate effect on the listing or trading of the company's common stock, which will continue to trade on the Nasdaq Capital Market under the symbol "NAKD".
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