Steel Connect, Inc.: Nasdaq/NYSE listing notice — Steel Connect receives Nasdaq minimum bid price deficiency notice; reverse/forward split planned

Steel Connect, Inc.

Common stock bid price below $1.00 for 30 consecutive business days ended June 12, 2023.
Compliance period ends December 11, 2023; must close at $1.00+ for 10 consecutive days.
Plans 1-for-9.333 reverse/forward stock split effective June 21, 2023 to regain compliance.
If not cured, may seek second 180-day period or face delisting appeal process.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Steel Connect, Inc. received a nasdaq noncompliance notice notice regarding minimum bid price (rules 5550(a)(2)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: minimum bid price
Rules: 5550(a)(2)

Exact text from the filing

June 13, 2023, Steel Connect, Inc. (the “Company”) received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company is not in compliance with Nasdaq’s Listing Rule 5550(a)(2), as the minimum bid price of the Company’s common stock, par value $0.01 per share (the “Common Stock”), has been below $1.00 per share for the 30 consecutive business day period between May 1, 2023, through June 12, 2023 (the “Minimum Bid Price Requirement”). The notification of noncompliance has no immediate effect on the listing or trading of the Common Stock on The Nasdaq Capital Market. The Company has

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Source: SEC EDGAR

accession 0001213900-23-049275

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