Australian Oilseeds Holdings Ltd (NASDAQ:COOT), a fats and oils manufacturer with a market capitalization of $26.48 million, has regained compliance with Nasdaq's listing requirements, the company announced today.
The Nasdaq Listing Qualifications staff notified the company that its stock maintained a closing bid price of at least $1.00 per share for 15 consecutive business days, from December 11, 2024, to January 2, 2025. According to InvestingPro data, the stock has shown strong momentum recently, with a 37.41% return over the past six months.
The compliance notice, received on Monday, January 3, 2025, marks the resolution of a previously reported issue. Australian Oilseeds had been under scrutiny for potential delisting due to its share price falling below the required minimum, following a significant 89.14% decline over the past year.
The company addressed this matter in a Form 6-K filed with the Securities and Exchange Commission on September 4, 2024. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available to subscribers.
As per the SEC filing, the regained compliance with Listing Rule 5450(a)(1) signifies that the concern regarding the company's listing status is now closed. Australian Oilseeds' ordinary shares and warrants, both listed on the Nasdaq Stock Market under the symbols COOT, have met the exchange's standards once again. The stock currently trades at $1.15, well above its 52-week low of $0.61, though still significantly below its 52-week high of $11.96.
This development comes as a positive note for the Cayman Islands-incorporated company, which has its principal executive offices in Cootamundra, Australia. The company's CEO, Gary Seaton, signed the report confirming the compliance on January 8, 2025.
The financial statements and exhibits related to the compliance were also filed with the SEC, ensuring full transparency of the company's regulatory status. This information is based on a press release statement.
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