Naked Brand Group Limited (NASDAQ:NAKD)shares jumped 20.12% to $0.265 in the extended session. There’s noapparent reason for the stock’s recent surge other than “impatient investors.”
The only news that concerns stocks directly is the Company’s announcement that the Listing Qualifications Department of the Nasdaq Stock Exchange has offered an extension to the Naked Brand Group Ltdfor 180 more days, or by May 24, 2021, to restore compliance with the minimum $1.00 quotation per share provision of Nasdaq’s Marketplace Regulation 5550(a)(2) (the “Rule”).
Nasdaq determined that the Naked Brand Group Limited (NASDAQ:NAKD)is eligible for a further 180-day grace period, or until May 24, 2021, to regain compliance. Based on Nasdaq’s determination, the Company has met all of the requirements for continuous listing on the Capital Market except for the bid price requirement and has reported that, if necessary, it intends to cure the breach by effecting a reverse stock split during the second compliance period. Nasdaq will provide written confirmation of compliance. This matter will be closed if, during this additional period, the Company’s closing bid price is $1 per share for at least ten consecutive business days.
This latest notice of Nasdaq has no direct impact on the listing or trading of the firm’s common stock that will continue to trade under the name “NAKD” on the Nasdaq Share Exchange.