Assure Holdings Corp (OTCMKTS:ARHH) jumped 15% last week after announcing the submission of an application for NASDAQ Capital Market listing.
In connection with this application, the company’s Board of Directors approved a 5:1 common stock shares consolidation to meet NASDAQ’s minimum share price requirement and its board committees’ realigning as per the NASDAQ rules. Equally, the Board approved the adoption of a new Business Conduct and Ethics Code and new charters for then Compensation Committee, Audit Committee, and Nomination and Corporate governance committee complying with requirements of NASDAQ.
Listing of the company’s stock is subject to meeting listing NASDAQ requirements and the exchange’s approval for listing. There is no guarantee that the application will be approved in a timely way or at all. The company’s CEO John Farlinger said that listing the company’s common stock is a massive step, and the 5:1 reverse stock split is meant to meet the minimum share price requirement by the NASDAQ. As ARHH anticipates NASDAQ listing, it is worth keeping an eye on the stock.
Market Reaction:
On Friday, ARHH stock ended flat at $1.60 with more than 29k shares, compared to its average volume of 27k shares. The stock has moved within a range of $1.4760 – 1.6000 after opening the trade at $1.60.
