Avalanche Treasury Firm AVAX One Reclaims Nasdaq Compliance After Reverse Stock Split
DECRYPT ·
AVAX One regained compliance with Nasdaq's $1.00 minimum bid price rule after 10 straight days above threshold. The crypto treasury company rose back above the minimum level thanks to a 1-for-12 reverse stock split in June. Interim CEO Pete Wylie says the company is now focused on growth and profitability. AVAX One Technology, a crypto treasury firm that holds Avalanche (AVAX), announced Thursday that it has regained compliance with Nasdaq's minimum bid price requirement, closing out a listing issue that had put the company under scrutiny ahead of last month’s reverse stock split. The West Palm Beach, Florida-based company said Nasdaq confirmed it met Listing Rule 5550(a)(2), which requires a stock's closing bid price to stay at or above $1.00 per share. Nasdaq found that AVAX One's shares closed above that threshold for 10 consecutive trading days, from June 15 through June 29, satisfying the requirement and closing the matter. AVAX One conducted a 1-for-12 reverse stock split on June 15 to meet the compliance requirement, cutting its supply from over 92.3 million shares to just under 7.7 million shares. "We are pleased to have regained compliance with Nasdaq's minimum bid price requirement and appreciate the trust our shareholders have placed in us throughout this process," said AVAX One Interim CEO Pete Wylie, in a statement. "With this matter now closed, we are intently focused on executing on our growth and profitability initiatives. We are moving ahead across all fronts."
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