Performant Receives Continued Listing Standard Notice from Nasdaq
LIVERMORE, Calif., April 22, 2020 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT),(“the Company”), a provider of technology-enabled recovery and related analytics services,
announced today that on April 17, 2020, the Company received a letter from the Listing Qualifications Department of the NASDAQ Stock Market (“NASDAQ”) indicating that, based upon the closing bid
price of the Company’s common stock for the last 30 consecutive business days beginning on March 2, 2020 and ending on April 16, 2020, the Company no longer meets the requirement to maintain a
minimum bid price of $1 per share, as required by Marketplace Rule 5450(a)(1) (the "Rule") for continued listing.
In accordance with applicable NASDAQ procedures, the Company plans to notify NASDAQ in a timely manner that it intends to pursue actions to meet the minimum average share price requirement. The NASDAQ letter indicates that the Company will be provided 180 calendar days to regain compliance with the minimum $1.00 per share bid requirement. However, the letter also stated that given the recent extraordinary market conditions, Nasdaq has determined to toll the compliance period for the bid price requirement through June 30, 2020, with the 180-day compliance period for the Price-based Requirements to be reinstated on July 1, 2020.
As a result, the Nasdaq letter indicates that the Company may regain compliance with the Rule, if at any time before December 28, 2020, the bid price of the Company's common stock closes at $1.00 per share or above for a minimum of 10 consecutive business days. The notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on the NASDAQ subject to the Company’s compliance with the other continued listing requirements.
In response to receiving the notification, Lisa Im, CEO of Performant, said, “Our commitment to transforming our business is unwavering. The operational improvements and positive adjusted EBITDA that we reported on our last earnings call are not due to any large, favorable one-time events, but rather the result of the hard work that our team puts in every day. We have taken proactive steps to help mitigate the disruption that we have experienced related to the COVID-19 virus, such as ensuring the vast majority of our team members are able to continue to work remotely. We thank our existing stockholders for their continued support, and we look forward to executing and delivering our planned strategy.”
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