Every company needs financing and the stock market is the major meeting point between companies and investors. That is why the main reason to go to the stock market is to obtain stock market financing. And this brings with it a series of benefits that increase the business potential of companies. The NASDAQ is the second largest stock exchange in the US (behind the New York Stock Exchange). More than 7,000 major companies are listed on NASDAQ, and Greenlane is looking to be part of that huge list.
The company, considered one of the largest global sellers of cannabis accessories, has received a notice from the major exchange indicating that the firm has once again complied with the minimum bid price requirement under the NASDAQ listing standard. According to the notification from The NASDAQ Stock Market LLC on August 24, the company will be able to continue trading without any problems. In simple terms, Greenlane is now in compliance with all applicable listing standards and its Class A common stock will continue to trade on the Nasdaq Global Market.
At the end of February, Greenlane was notified by NASDAQ with bad news. By that time, the company was not in compliance with the minimum bid price rule. Apparently, its Class A common stock was not able to reach the closing bid price of $1 or more for 30 consecutive business days. If the company really wanted to be considered, it had to maintain a minimum closing bid price of $1.00 or more for at least ten consecutive trading days.
Fortunately for the company, and after several efforts, that requirement was finally met on August 24, the 11th consecutive trading day on which the closing bid price of the company’s Class A common stock was greater than $1.00. Passing this procedure is a recognition of the maturity of the company and the leadership of its management.