Eden Prairie-based iMedia Brands received a notice from the Nasdaq stock market that the company is out of compliance with the minimum $1 bid price requirement.
Eden Prairie's iMedia Brands gets delisting notice from Nasdaq
The company has been trading under $1 a share since Sept. 1.
October 21, 2022 at 5:13PM
The stock of the omnichannel retailer has traded below $1 a share since Sept. 1, and shares are currently trading around 52 cents. On Friday, shares closed down more than 8% at 47 cents.
IMedia's shares have ranged between $4 and $10 a share for much of the past two years but have consistently trended downward since mid-March.
The company has long struggled to generate an annual profit. It has had only one profitable year in the past decade while going through several leadership and strategic changes.
According to Nasdaq's listing rules, iMedia has 180 days to regain compliance with the listing. If needed, the company can gain an additional 180-day extension after filing a plan of action.
The company said in a Securities and Exchange Commission filing filed Thursday that it will monitor its stock price to determine actions it may need to take to regain compliance or to file for an extension.
Nasdaq has about 3,000 domestic stocks listed on its exchange, 375 of which are noncompliant with its various listing standards.
iMedia is the latest small to micro cap public company in Minnesota to get a delisting notice. Companies such as Roseville-based Calyxt Inc., Eden Prairie-based Nuwellis Inc., Eagan-based Predictive Oncology Inc. and Regis Corp. each received similar notices from their respective exchanges this year.
Minneapolis-based Insignia Systems is on Nasdaq's noncompliance list for its equity requirements.
Minneapolis-based hair salon franchiser Regis Corp. trades on the New York Stock Exchange. Though its stock has traded above $1 a share recently, the company remains on the NYSE noncompliance list because its market cap must remain above $50 million for 30 consecutive days.
Calyxt, Nuwellis, Predictive Oncology and Minneapolis-based Qumu Corp. remain out of compliance with Nasdaq's minimum bid listing requirements.
The Birds Eye plant recruited workers without providing all the job details Minnesota law requires.
