LUXEMBOURG / ACCESSWIRE / September 13, 2024 / Moolec Science SA (NASDAQ:MLEC) ("The Company", "Moolec"), a science-based food ingredient company, announced today that it received a letter (the "Nasdaq Bid Price Letter") from Nasdaq notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company's ordinary shares has been below the minimum $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2).
The Nasdaq Bid Price Letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol "MLEC".
Under Rule 5810(c)(3)(A), the Company will be provided a compliance period of 180 calendar days, until March 10, 2025, to regain compliance. If at any time during this 180-day period the closing bid price of the Company's securities is at least $1.00 for a minimum of ten consecutive business days, the Company's compliance with Rule 5550(a)(2) will be regained.
In the event the Company does not regain compliance in the first compliance period, it may be eligible to apply for an additional 180 calendar days to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement. The Company will also need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the NASDAQ staff that the Company will neither be able nor otherwise eligible to cure the deficiency, it may be subject to delisting by NASDAQ. The Company is committed to regaining compliance.
The Company intends to actively monitor the closing bid price for its ordinary shares and will consider available options to resolve the deficiency and regain compliance with Rule 5550(a)(2).
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Moolec Received NASDAQ Bid Price Letter - 2024.09.13
SOURCE: Moolec Science
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