Aterian Receives Extension To Regain Compliance With Nasdaq Minimum Bid Price Rule
25 October 2023 - 7:50AM
Aterian, Inc. (Nasdaq: ATER) (“Aterian” or the “Company”) today
announced that it received written notice (the “Notice”) from The
Nasdaq Stock Market LLC (“Nasdaq”) granting the Company a 180-day
extension, or until April 22, 2024, to regain compliance with
Nasdaq’s $1.00 minimum bid price requirement as set forth in Nasdaq
Listing Rule 5550(a)(2) (the "Rule").
This Notice has no immediate effect on the
listing or trading of the Company's common stock on Nasdaq which
will continue to trade under the symbol, “ATER.”
On April 24, 2023, Nasdaq notified the Company
that its common stock had failed to comply with the Rule over the
previous 30 consecutive business days. The notification letter
stated the Company would be afforded 180 calendar days from the
date of the notification letter, or until October 23, 2023, to
regain compliance with the Rule. The notification letter provided
that if the Company did not regain compliance by October 23, 2023,
the Company may be eligible for an additional 180 calendar day
compliance period after October 23, 2023.
On October 13, 2023, the Company submitted to
Nasdaq a request for an extension to comply with the Rule. On
October 24, 2023, Nasdaq provided the Notice stating it had
determined that the Company was eligible under Nasdaq Listing Rule
5810(c)(3)(A) for an additional 180 calendar day period to regain
compliance and confirmed the 180 day extension.
In order to regain compliance with the Rule, the
Company is required to maintain a closing bid price of at least
$1.00 or more for a minimum of 10 consecutive business days (or
longer, up to 20 consecutive business days, if Nasdaq so determines
in its sole discretion based on certain factors) during the 180-day
extension, or until April 22, 2024.
About Aterian, Inc.Aterian,
Inc. (Nasdaq: ATER) is a leading technology-enabled consumer
product company that builds, acquires, and partners with leading
e-commerce brands by harnessing proprietary software and an agile
supply chain to create top selling consumer products. The Company’s
cloud-based platform, Artificial Intelligence Marketplace Ecommerce
Engine (AIMEE™), leverages machine learning, natural language
processing and data analytics to streamline the management of
products at scale across the world's largest online marketplaces
with a focus on Amazon, Shopify and Walmart. Aterian owns and
operates a number of brands and sells its products in multiple
categories, including home and kitchen appliances, health and
wellness, beauty and consumer electronics.
Investor Contact:
Ilya Grozovsky
Vice President, Investor Relations & Corp. Development
Aterian, Inc.
ilya@aterian.io
917-905-1699
aterian.io
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