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BitNile Metaverse, Inc. (NASDAQ:BNMV) ("BitNile" or the "Company") the company operating the rapidly growing virtual world, BitNile.com (the "Platform"), today announced that it has received a formal notice from The Nasdaq Stock Market ("Nasdaq") stating that BitNile has regained compliance with the $1.00 per share minimum bid price requirement pursuant to Nasdaq Listing Rule 5550(a)(2), and that BitNile is in compliance with all applicable listing standards.
On December 30, 2022, BitNile was notified by Nasdaq that that its common stock had failed to maintain a minimum bid price of $1.00 for 30 consecutive business days and Nasdaq provided a 180-calendar day period following the date of the notice to regain compliance. Then, on May 8, 2023, BitNile received a letter from the Listing Qualifications staff (the "Staff") of Nasdaq notifying BitNile that the Staff has determined to delist the Company's common stock from Nasdaq as the Company's common stock traded below $0.10 per share for 10 consecutive trading days. BitNile appealed the Staff's decision and was granted a hearing before the Nasdaq Hearings Panel. Since BitNile has regained compliance, the hearing has been canceled.
BitNile's stock will continue to be listed and traded on The Nasdaq Capital Market.
Posted In: BNMV
