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Society Pass Incorporated (NASDAQ:SOPA) announced Friday that it received a letter from The Nasdaq Stock Market LLC on Thursday regarding non-compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market.
According to a statement based on a SEC filing, Society Pass was notified that the bid price for its common stock had closed below the $1.00 per share minimum required by Nasdaq Listing Rule 5550(a)(2) for the past 30 consecutive business days.
Under Nasdaq Listing Rule 5810(c)(3)(A), the company has been granted an initial 180 calendar day period, until September 22, 2026, to regain compliance. If at any time before that date the bid price of the company’s common stock closes at $1.00 per share or higher for at least ten consecutive business days, Nasdaq staff will confirm compliance.
The notice does not immediately affect the listing or trading of Society Pass’s common stock on Nasdaq.
The company stated it intends to monitor the bid price of its common stock and consider available options if the stock does not trade at a level likely to result in regaining compliance by the deadline.
If Society Pass does not regain compliance by September 22, 2026, it may be eligible for an additional 180-day compliance period, provided it meets all other initial listing standards for the Nasdaq Capital Market except for the bid price requirement. The company would need to notify Nasdaq of its intention to cure the deficiency, which could include actions such as a reverse stock split. If the company is not eligible or cannot cure the deficiency, Nasdaq may initiate delisting proceedings, which Society Pass could appeal.
This information is based on a statement released in a SEC filing.
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