Newegg Commerce Inc NEGG shares are trading higher by 42% to $0.79 Monday afternoon. Shares are rising after the company received a notice from Nasdaq stating that it is not in compliance with the minimum bid price requirement as its common shares closed below $1.00 per share for 30 consecutive business days.
The company has a 180-day compliance period, until May 6, 2024, to meet the requirement. If the closing bid price is at least $1.00 for ten consecutive business days within this period, Nasdaq will confirm compliance.
If compliance is not achieved by May 6, an additional 180-day grace period may be granted.
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What Else?
Newegg's board of directors approved a $10.0 million share repurchase program effective immediately, lasting for two years. Repurchases can occur through various means, and the program is subject to market conditions.
The company plans to fund repurchases with existing cash and cash flows from operations, having $51.8 million in cash and cash equivalents as of June 30, 2023.
According to data from Benzinga Pro, NEGG has a 52-week high of $3.09 and a 52-week low of $0.52.
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