Ignite Restaurant Group Inc (NASDAQ:IRG) received a letter from the NASDAQ Stock Market stating that the Company was not in compliance with NASDAQ Marketplace Rule 5450(a)(1) because its common stock had a closing bid price below the minimum closing bid price of $1.00 for the last 30 consecutive business days.
This notification has no immediate effect on the listing of the Company’s common stock.
In accordance with NASDAQ rules, the Company has a period of 180 calendar days to regain compliance with the minimum closing bid price rule. If at any time before April 12, 2017, the Company’s closing bid price is at least $1.00 for a minimum of ten consecutive business days, NASDAQ will notify the Company that it has regained compliance with the closing bid price rule.
The Company has notified NASDAQ of its intention to regain compliance with the NASDAQ closing bid price requirement. The Company was previously notified on July 28, 2016 that it was not in compliance with the Market Value of Publicly Held Shares requirement. The Company is in compliance with all other NASDAQ listing standards.
If the Company is unable to demonstrate compliance with Rule 5450(a)(1) by April 12, 2017, the Company may be eligible for additional time to regain compliance. The Company must submit an application and a nominal fee for such consideration.