Clover Health has regained compliance with Nasdaq's minimum bid price requirement, avoiding a potential deslisting, the company said in an Aug. 3 filing with the Securities and Exchange Commission.
Clover received a notice from Nasdaq April 20 stating that its stock had closed below the minimum $1 per share threshold for 30 consecutive days. The company had until Oct. 17 to regain compliance.
To regain compliance, Clover's stock needed to close at $1 or above for 10 consecutive business days. Clover met that requirement July 28, according to the filing.
"In light of this positive development, the Company will re-evaluate its options, including with respect to the reverse stock split and authorized share reduction proposal currently pending before the Company’s stockholders for approval at the special meeting of stockholders currently scheduled [Aug. 30]," Clover said in the filing.