It took nearly a year, but WPT Enterprises finally regained compliance with Nasdaq listing price requirements. After quite a long time of attempting to regain the public’s confidence in the company, compliance has been achieved and the company is now again considered to be in good standing with Nasdaq.
When the WPTE was originally notified of its non-compliance on August 14, 2008, Nasdaq’s staff determination letter stated that the minimum stock listing price for WPT Enterprises had been below the $1.00-mark for more than 30 consecutive business days, which qualified it for delisting unless the stock price could return to more than one dollar for a minimum of ten consecutive business days. The company was given 180 calendar days to do so or face delisting from the Nasdaq altogether.
Since the stock prices had been falling for more than a month prior to that 2008 notice, it seemed unlikely that WPTE would be able to regain compliance within the time allotted. Its fluctuations have been notable over the past several months, but it was finally able to stay above the $1 level for the ten necessary consecutive trading days in the month of June, 2009. With that, the company regained its good standing by abiding by the Listing Rule of Nasdaq.
A press release sent by WPT Enterprises noted that June 30, 2009, found the closing bid price of its common stock at $1 per share for more than the ten required days. “The previously disclosed delisting proceeding related to the Company’s closing bid price compliance is now closed,” read the short statement, acknowledging that delisting from Nasdaq is no longer a threat at this point in time.