The Dixie Group Inc.
03/28/2024 | Press release | Distributed by Public on 03/28/2024 07:52
Failure to Satisfy Listing Rule - Form 8-K
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
The Company announced today it received an extension of 180 calendar days from the NASDAQ Stock Market LLC ("Nasdaq") to regain compliance with the Nasdaq's minimum $1.00 bid price requirement set forth in Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market (the "bid price requirement"), following expiration of the initial 180 calendar day period to regain compliance with the Bid Price Requirement, and the Company's written notice of its intent to cure the deficiency during the second compliance period.
As a result of the extension, the company now has until September 23, 2024 to regain compliance with the Bid Price Requirement. If at any time before September 23, 2024 the bid price of the Company's common shares closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification to the Company that it has achieved compliance with the Bid Price Requirement. The Company will continue to monitor the closing bid price of its common stock and the Company will consider all available options to regain compliance with the Minimum Bid Price Requirement.
If the Company does not regain compliance with the Bid Price Requirement by September 23, 2024 Nasdaq will provide written notification to the Company that its shares will be subject to delisting. At such time, the Company may appeal the delisting determination to a Nasdaq Hearings panel. The Company would remain listed pending the panel's decision. There can be no assurance that, if the Company does appeal a subsequent delisting determination, such appeal would be successful.
Nasdaq' extension notice has no immediate effect on the listing or trading of the Company's common stock, which will trade on the Nasdaq Capital Market under the symbol "DXYN".
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