Maxeon Solar Technologies (MAXN) said Friday it submitted a hearing request following Tuesday's staff determination letter from Nasdaq to delist Maxeon shares from the Nasdaq Global Select Market after the company's stock had a closing bid price of $0.10 or less for ten consecutive trading days.
The hearing request will stay any delisting action pending the hearing, according to Maxeon.
The company said its board is in the process of implementing a 1-for-100 reverse stock split to bring the price of Maxeon's ordinary shares above the $1 minimum bid price requirement for continued listing.
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