By Dean Seal
Shares of Orbital Infrastructure Group sank by a quarter after the company was notified by Nasdaq that it was violating listing requirements by failing to file a quarterly report.
The stock dropped 27% to $1.30 in early trading. Shares have fallen 96% over the last 12 months.
The infrastructure services platform said Wednesday that it received the notice on Aug. 18, which now serves as an additional basis for potential delisting after Nasdaq told the company in December that the market value of its shares had fallen below the exchange’s minimum threshold for 30 consecutive days.
Orbital Infrastructure said it hasn’t regained compliance with the previously disclosed violation.
A Nasdaq hearing panel will review the situation to determine the company’s listing status.
Orbital Infrastructure has until Aug. 25 to request a stay of the suspension of its securities pending the panel’s decision.
Write to Dean Seal at [email protected]
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