Datavault AI said Nasdaq will suspend trading in its common stock starting November 17 after the company failed to meet the exchange’s minimum bid-price requirement. The stock is expected to become eligible to trade on the OTC Markets under its existing ticker, DVLT.
The company plans to appeal to a Nasdaq panel, seeking more time to regain compliance and to have Nasdaq trading resume. The outcome is uncertain.
Key details
- Nasdaq cited Datavault’s failure to maintain a bid price of at least $1 per share, as required for continued listing.
- Nasdaq also said the stock had closed below $0.10 for 10 consecutive business days. Trading on Nasdaq is scheduled to be suspended at the market open on November 17.
- Datavault intends to request a hearing and present a plan to meet the bid-price requirement. It will also ask for an extension and for Nasdaq trading to resume.
- While Nasdaq trading is suspended, the stock is expected to be eligible to trade on the OTC Markets under the symbol DVLT.
- The company cautioned that there is no assurance the Nasdaq panel will allow it to remain listed or that it will regain compliance within any extension granted.
What changes for investors
From November 17, Datavault shares are set to stop trading on Nasdaq and move to OTC Markets trading, subject to OTC eligibility. The company’s effort to return to Nasdaq depends on the hearing panel’s decision and its ability to meet the exchange’s bid-price requirement.