Nasdaq notified Cemtrex on July 25, 2023 that Series 1 Preferred Stock (CETXP) failed to regain $1.00 minimum bid price compliance by July 24, 2023.
Trading of CETXP will be suspended at the open on August 3, 2023 unless an appeal is filed; the company has requested a hearing to stay the suspension.
Hearing request fee is $20,000; deadline for request is August 1, 2023; the Panel will review a compliance plan including a possible reverse stock split.
Company intends to continue monitoring bid price and consider available options to regain compliance with Nasdaq Listing Rule 5555(a)(1).
CEMTREX INC received a nasdaq deficiency notice notice regarding minimum bid price (rules 5550(a)(2)).
Exchange
nasdaq
Notice
deficiency notice
Deficiency
minimum bid price
Rules
5550(a)(2)
Exact text from the filing
July 29, 2022, Cemtrex, Inc. (the “Company”) received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, because the closing bid price for the Company’s Series 1 preferred stock listed on Nasdaq was below $1.00 for 30 consecutive trading days, the Company no longer met the minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”). On January 26, 2023, the Compan
CEMTREX INC received a nasdaq delisting notice notice regarding minimum bid price (rules 5550(a)(2)).
Exchange
nasdaq
Notice
delisting notice
Deficiency
minimum bid price
Rules
5550(a)(2)
Exact text from the filing
July 25, 2023, the Company received a Notice of Staff Determination from the Listing Qualifications Department of Nasdaq notifying the Company that its Series 1 Preferred Stock had not gained compliance and would be suspended from trading at the opening of business on August 3, 2023. The Company has requested a hearing regarding the delisting which will stay the suspension and filing of Form 25-NSE with the Securities and Exchange Commission (the “SEC”). The Company intends to continue actively monitoring the bid price for its Series 1 preferred stock between now and the hearing date and will
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