Sidus Space Receives Extension to Regain NASDAQ Compliance
Sidus Space has been granted an additional 180 calendar days, or until March 11, 2024, to regain compliance with The NASDAQ Stock Market, the Space-as-a-Service company announced Thursday.
Unlike many new space companies that went public through SPAC mergers during the pandemic, Sidus Space went public through a standard-issue IPO in January 2022. The IPO created 3 million new shares worth $5 a share on the NASDAQ, raising $15 million for the company. NASDAQ requires its stocks to have a minimum initial bid price of $5 per share, and to then remain a value at or above $1.00. Sidus Space is currently trading at 15 cents a share.
Sidus said it received a notification letter NASDAQ on Tuesday, stating that, “while Sidus has not regained compliance with the Minimum Bid Price Requirement, NASDAQ has determined that the Company is eligible for a Second Compliance Period.”
If at any time during the Second Compliance Period, the closing bid price of Sidus’s Class A common stock is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide Sidus with written confirmation of compliance. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by March 11, 2024, NASDAQ will provide written notification that the Company’s Class A common stock will be delisted. At that time, the Company may appeal NASDAQ’s determination to a Hearings Panel.
“The Company intends to actively monitor the closing bid price of its Class A common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price under the Nasdaq Listing Rules,” Sidus said in a company statement.