Hexo Corp. says the Nasdaq Stock Market LLC has informed the cannabis company that it has regained compliance with minimum bid price requirements.
Gatineau, Que.-based Hexo became non-compliant with the requirement when its closing bid price for common shares listed on the Nasdaq dropped below US$1 for 30 consecutive trading days.
The company says it received a notice from Nasdaq on Jan. 19 that it has regained compliance after its shares closed at or greater than the US$1 per share minimum requirement for the last 10 consecutive business days.
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Hexo’s shares closed Thursday at US$1.49, up from about 50 cents US a year ago when Nasdaq issued the non-compliance notice.
Charlie Bowman, CEO of Hexo, says the market is starting to recognize the strides the company has made this year to position Hexo for long-term success.
He says the company has kept a tight focus on resetting the organization for profitable growth and remains dedicated to delivering a premium cannabis experience.