Nvni Group Limited Receives Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Nvni Group Limited (NASDAQ:NVNI) ("Nuvini") received a notification letter on November 1, 2024, from Nasdaq's Listing Qualifications Department, indicating the Company's minimum bid price per share had been below $1.00 for 30 consecutive business days, failing to meet Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").
The notification has no immediate effect on the Company's Nasdaq listing, and shares continue to trade under "NVNI". Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has until April 30, 2025, to regain compliance by achieving a $1.00 closing bid price for 10 consecutive business days.
If compliance is not regained by April 30, 2025, the Company may qualify for an additional 180-day grace period by meeting market value and other initial listing standards, excluding the bid price requirement, and notifying Nasdaq of plans to address the deficiency, such as a reverse stock split.
The Company is monitoring its share price and considering options to regain compliance.
The 6-K filed on November 5, 2024, reporting the Notification can be found here.
About Nuvini
Headquartered in São Paulo, Brazil, Nuvini is Latin America's leading acquirer of B2B SaaS businesses. Focused on profitable companies with recurring revenue and growth potential, it fosters an entrepreneurial environment to help its acquisitions deliver mission-critical solutions and achieve industry leadership. Its long-term strategy emphasizes value creation through partnerships with existing management.
Learn more at www.nuvini.co
For further information or media inquiries regarding this partnership, please contact:
Nuvini Investor and Media Contact
Camilla Carrapatoso
[email protected]
