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Sidus Space receives 180-day extension to regain Nasdaq compliance

The company went public through a standard-issue IPO in January 2022, creating 3 million new shares worth $5 each on NASDAQ, raising $15m. 

Sidus Space, a multi-faceted Space and data-as-a-service company, has announced that it has been granted an additional 180 calendar days, or until March 11, 2024, (the Second Compliance Period) to regain compliance with The Nasdaq Stock Market LLC (NASDAQ).

On September 12, 2023, Sidus received a notification letter from the Listings Qualifications Department of NASDAQ. The Notification Letter stated that, while Sidus has not regained compliance with the Minimum Bid Price Requirement, NASDAQ has determined that the company is eligible for a Second Compliance Period.

If at any time during the Second Compliance Period, the closing bid price of Sidus’s Class A common stock is at least $1 per share for a minimum of 10 consecutive business days, NASDAQ will provide Sidus with written confirmation of compliance. If compliance with the Minimum Bid Price Requirement cannot be demonstrated by March 11, 2024, NASDAQ will provide written notification that the company’s Class A common stock will be delisted. At that time, the company may appeal NASDAQ’s determination to a Hearings Panel.

The company intends to actively monitor the closing bid price of its Class A common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price under the Nasdaq Listing Rules.