Performant Receives Continued Listing Standard Notice from Nasdaq
Performant Financial Corporation (Nasdaq:PFMT),(“the Company”), a provider of technology-enabled recovery and related analytics services, announced today that on December 23, 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 30 consecutive business days beginning on November 6, 2020 and ending on December 22, 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, or until June 21, 2021, to regain compliance with the minimum $1.00 per share bid requirement.
The letter further indicates that the Company may regain compliance with the Rule if at any time before June 19, 2021, should the bid price of the Company's common stock close 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, “We are committed to driving the growth of our business and believe that our progress towards continued revenue growth and sustained positive EBITDA, particularly during a year of immeasurable uncertainty given the COVID-19 pandemic, demonstrates that success. We wish to thank our existing shareholders for their continued support, and we look forward to executing our goals.”
About Performant Financial Corporation
Performant helps government and commercial organizations enhance revenue and contain costs by preventing, identifying and recovering waste, improper payments and defaulted assets. Performant is a leading provider of these services in several industries, including healthcare, student loans and government. Performant has been providing recovery audit services for more than nine years to both commercial and government clients, including serving as a Recovery Auditor for the Centers for Medicare and Medicaid Services.