Iao Kun holdings fails to meet Nasdaq requirements

Iao Kun Holdings has transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market after failing to comply with the exchange’s minimum bid price requirement.

The company received a notification last year because its share price had not met the $1.00 threshold in the 30 business days leading up to Sept. 12. It was given 180 days to regain compliance, which ended on March 13th.

However, the stock did not meet the requirement. After transferring its listing, the exchange has granted the company a further 180 days to regain compliance, potentially through a reverse stock split. If the stock is above $1.00 for 10 consecutive days the matter will be closed.

Stock in Iao Kun, which operates VIP rooms in Macau, closed at $0.30 on Monday, trading close to an all-time low of $0.16 hit in November.

The company announced a strategic review of operations last September to shift its focus away from VIP gaming after reporting its 2Q loss ballooned to $1.65 per share from a $0.38 net loss per share for the same period of 2015. Its VIP rolling volume was down 51 percent. Overall revenue fell 52 percent to$10.6 million.