DeFi Technologies Fails to Meet Nasdaq Listing Requirements for Review

DeFi Technologies failed to meet Nasdaq's minimum price requirement for its DEFT stock before the September 1 deadline. As of the market close on August 31, the stock was priced at $0.6032, failing to remain above $1 for 10 consecutive trading days. Consequently, the company will enter the listing qualification review phase, potentially receiving a second 180-day window or a written delisting notice. Nasdaq notified the company on March 5 that DEFT had closed below $1 for 30 consecutive trading days since March 4. To obtain an extension, the company must meet the ongoing listing requirements related to the market capitalization of its publicly traded shares and other initial standards, and provide a written plan to rectify the non-compliance issues. Shareholders have authorized the board to implement a reverse stock split of up to 12-for-1, with the annual shareholder meeting proxy determining whether and when to use this authorization. In the management document dated August 13, the company still stated that it was in a state of non-compliance and noted that the authorized reverse stock split was a viable mechanism to meet the price requirement. As of September 1, there have been no announcements regarding a new extension, delisting, restoration of compliance, or executed reverse stock split.

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