BurgerFi International (BFI) has released an update to notify the public and investors about listing compliance status.
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BurgerFi International, Inc. received a notice from Nasdaq on January 23, 2024, for not meeting the minimum bid price of $1.00 per share over 30 consecutive business days, a requirement for continued listing. The company has a 180-day period to regain compliance, which may be achieved if the stock’s closing bid price is at or above $1.00 for at least 10 consecutive business days. If compliance is not regained, the company may transfer to the Nasdaq Capital Market, provided it meets other listing requirements. A reverse stock split may be considered to correct the bid price deficiency. Failure to comply within the periods could lead to delisting, although the company would have the right to appeal.
For further insights into BFI stock, check out TipRanks’ Stock Analysis page.