Fitell (FTEL) said late Thursday it has received a notice from the Nasdaq Stock Market that it is not compliant with the exchange's $1 minimum closing bid price requirement for continued listing.
The company has 180 calendar days to regain compliance with the rule by maintaining a closing bid price of at least $1 for a minimum of 10 consecutive business days, subject to a potential 180-day extension.
The company said it may consider implementing a reverse stock split to cure the deficiency.
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