SinglePoint faces Cboe BZX minimum bid price issue
SING
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PHOENIX – SinglePoint Inc (Cboe:SING), a company specializing in renewable energy and healthy living products, is currently addressing a notification from the Cboe BZX Exchange regarding its stock price. The company was informed on February 28, 2024, that its common stock had not maintained the required minimum bid price of $1.00 over 30 consecutive business days, as stipulated by the Cboe BZX Listing Rule 14.9(e)(1)(B).
This notification does not immediately affect the listing or trading of SinglePoint’s common stock on the Cboe BZX Exchange. The company has until August 26, 2024, to meet the Minimum Bid Price Requirement. Compliance can be achieved if the closing bid price of SinglePoint’s common stock reaches at least $1.00 for a minimum of 10 consecutive business days within this period.
Should SinglePoint fail to regain compliance by the deadline, it may qualify for an additional 180-day grace period, provided it meets certain conditions, including the market value of publicly held shares and other initial listing standards, except for the Minimum Bid Price Requirement.
The company would need to submit written notice of its intention to rectify the deficiency during the second grace period. If compliance is still not met after this extension, and no further grace period is granted, the company’s stock could be delisted from the Cboe BZX Exchange.
In response to the notification, CEO Wil Ralston expressed confidence in the company’s valuation and its actions to improve the stock price. Ralston stated, “With a current market cap of approximately $2 million against revenues of over $25 million, we firmly believe the company is significantly undervalued.” He also highlighted the company’s ongoing strategic initiatives aimed at driving growth and enhancing shareholder value.
SinglePoint has emphasized its dedication to achieving compliance with the Cboe BZX Exchange requirements and has reassured investors of its commitment to transparency and ongoing communication. The company recommends stakeholders visit its website and sign up for the email distribution list to receive timely company updates.
