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DeFi Technologies misses $1 Nasdaq bid deadline for DEFT shares

The bid-price shortfall puts DEFT into a Nasdaq eligibility review, which could result in either a second 180-day compliance window or a written delisting determination.

Reported · Written up by our desk · Market Structure

DeFi Technologies said its US-listed DEFT shares missed a Nasdaq minimum-bid requirement tied to $1 closing prices, after the stock ended Aug. 31 at $0.6032. That closing price made it impossible to complete the required 10-business-day streak at or above $1 by the Sept. 1 deadline, according to CryptoSlate.

The miss moves DEFi Technologies into an eligibility review process. Nasdaq has given the company an initial 180-calendar-day period that started after it notified DeFi Technologies on March 5, when the exchange cited closures below $1 for 30 consecutive business days as of March 4.

Under Nasdaq procedures described in the companys March filing, the next formal outcome could include a second compliance window if the company meets other continued-listing standards, including requirements for the market value of publicly held shares. DeFi Technologies would also need to notify Nasdaq in writing that it intends to cure the deficiency during any additional period.

If the company does not qualify, or Nasdaq staff concludes it cannot cure the deficiency in a second window, Nasdaq would issue written notice that the shares are subject to delisting, with an option to appeal to a Nasdaq hearings panel. Shareholders have already authorized a potential share consolidation of up to 12-for-1, but the board retains flexibility on whether and when to use that authority depending on its compliance path, CryptoSlate reported.

Latest closeNasdaq Comp. 26,099.77 ▼1.0%

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