Largo receives Nasdaq notice for falling below $1 minimum bid price

Largo Inc. (TSX: LGO) (NASDAQ: LGO) has received a notification from the Nasdaq Stock Market LLC Listing Qualifications Department stating that the company is not in compliance with the minimum bid price requirement under Nasdaq Rule 5550(a)(2).

The notification was triggered after the closing bid price of Largo's common shares on Nasdaq remained below $1.00 for 30 consecutive business days. Nasdaq Rule 5550(a)(2) requires listed shares to maintain a minimum bid price of $1.00 per share.

According to the company's statement, the notification does not immediately affect Largo's listing on the Nasdaq Capital Market. Under Nasdaq Rule 5810(c)(3)(A), the company has 180 calendar days from the date of the notification to regain compliance. Shares will continue to trade on the Nasdaq Capital Market during this period.

Largo can regain compliance if the bid price of its shares closes at or above $1.00 for a minimum of 10 consecutive business days before the 180-day period expires, provided the company continues to meet other listing requirements. Nasdaq retains discretion to extend the 10-day period under Rule 5810(c)(3)(H).

The notification does not affect Largo's compliance status on the Toronto Stock Exchange, where the company is also listed under the symbol "LGO."

Largo stated it intends to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq listing requirements.

You May Also Be Interested In

• Mapfre to acquire Safety Insurance Group in $1.54B all-cash deal
• Bristow-led group gets £1.5M to test electric flights in Scotland
• VenHub addresses going concern disclosure amid third-party scrutiny