Iao Kun Group Holding Company Ltd has announced it is no longer in compliance with the minimum bid price requirement of $1.00 per share set forth by Nasdaq.
The junket operator on Tuesday said it has received a written notice from the Listing Qualifications department of The Nasdaq Stock Market, which states that listed securities must maintain a minimum bid price of $1.00 per share.
IKGH says it has been provided a 180 day period in which to regain compliance. If at any time during this period the closing bid price of IKGH’s common stock is at least $1.00 for a minimum of ten consecutive business days, IKGH will receive a written confirmation of compliance from Nasdaq and the matter will be closed.
“In addition, following the initial 180 day period, IKGH may be eligible for an additional 180 day period to regain compliance, subject to IKGH effecting a reverse stock split during the second 180 day compliance period if necessary to cure the deficiency,” said the company in a filing.
“At present, IKGH will work to regain compliance during the initial 180 day compliance period and will actively monitor its performance with respect to the listing standards,” it added.