Shares of Pingtan Marine Enterprise Ltd. (NASDAQ:PME) have been gaining momentum over the past week with a jump of 34%.
On Friday, PME stock rose 14.34% to $0.72 with more than 618.83K shares traded, compared to its average volume of 374.94K shares. The stock has moved within a range of $0.6383 – 0.7300 after opening trading at $0.6383.
180-Day Extension Granted to Pingtan Marine Enterprise to Fulfill NASDAQ Bid Price Requirement
Pingtan Marine Enterprise Ltd. (NASDAQ:PME) (based in the People’s Republic of China) – a fishing company involved in ocean fishing through its subsidiary, has made an announcement about getting a notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC.
The notification was sent on December 28, 2021, which gave a go-ahead to the company’s request for an extension of 180 days to meet with the compliance criteria regarding Nasdaq’s minimum bid price requirement under Nasdaq Listing Rule 5550(a) (2) or the Bid Price Rule. Therefore, the new deadline for the company to regain compliance with the Bid Price Rule is now June 27, 2022.
The listing status of the company’s ordinary shares remains listed on The Nasdaq Capital Market – the extension notice won’t have any immediate effect. Before June 27, 2022, if the bid price of the company’s ordinary shares were to close at or above $1.00 per share for a minimum of 10 consecutive trading days, it will regain compliance with the Bid Price Rule, and the matter will be closed.
Till then, the company will closely monitor the bid price for its ordinary share, while considering several available options to achieve compliance if its ordinary share does not trade at a level that is likely to regain compliance with the Bid Price Rule.
PME stock is above the 20-Day and 50-Day Moving averages of $0.62 and $0.71 respectively. However, the stock is trading below the 200-Day moving average of $0.81.