Reed’s receives non-compliance notice from nasdaq

The nasdaq listing qualifications department (“staff”) notified reed’s inc. on november 12, 2019 that the bid price of common stock has closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with listing rule 5550(a)(2). therefore, in accordance with listing rule 5810(c)(3)(a), the company is being provided 180 calendar days, or until may 11, 2020, to regain compliance with the rule. if, at any time before may 11, 2020 the bid price of the company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, nasdaq staff will provide written notification that it has achieved compliance with the bid price rule. if the company fails to regain compliance with the bid price rule before may 11, 2020 but meets all of the other applicable standards for initial listing on the nasdaq capital market with the exception of the minimum bid price, the company may be eligible for additional time. to qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the nasdaq capital market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.
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