お知らせ • Dec 24
Altisource Portfolio Solutions S.A. Receives Non-Compliance Letter from Nasdaq
On December 19, 2024, Altisource Portfolio Solutions S.A. (the Company") received a letter (the Bid Price Notice") from The Nasdaq Stock Market (Nasdaq") notifying the Company that, because the closing bid price for its common stock has been below $1.00 per share for 30 consecutive business days, it no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1.00 per share (the Minimum Bid Price Rule"), and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Rule exists if the deficiency continues for a period of 30 consecutive business days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial compliance period of 180 calendar days, or until June 17, 2025, to regain compliance with the Minimum Bid Price Rule. The Bid Price Notice states that the Nasdaq staff will provide written confirmation that the Company has achieved compliance with the Minimum Bid Price Rule if at any time before June 17, 2025, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of ten consecutive business days. In the event the Company is not in compliance with the Minimum Bid Price Rule by June 17, 2025, the Company may be afforded a second 180 calendar day grace period. To qualify, the Company must submit an application to transfer the listing of its common stock to The Nasdaq Capital Market, which requires the Company meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, other than the Minimum Bid Price Rule. The Company would also need to pay an application fee to Nasdaq and to provide written notice of its intention to cure the minimum bid price deficiency during this second 180-day compliance period by effecting a reverse stock split, if necessary. As part of its review process, Nasdaq will make a determination of whether it believes the Company will be able to cure this deficiency. Should the Nasdaq staff conclude that the Company will not be able to cure the
deficiency, or should the Company determine not to submit a transfer application or make the required representation, Nasdaq will provide notice that the Company's common stock will be subject to delisting, which the Company could appeal. In addition, on December 20, 2024, the Company received written notice (the Market Value Notice" and, together with the Bid Price Notice, the Notices") from Nasdaq indicating that, for the 30 consecutive business days ending December 19, 2024, the market value of the Company's publicly held shares (the MVPHS") was below the minimum requirement of $15 million for continued listing on The Nasdaq Global Select Market under Nasdaq Listing Rule 5450(b)(3)(C) (the MVPHS Rule"). In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has been provided a period of 180 calendar days, or until June 18, 2025, to regain compliance. The Market Value
Notice states that, if during the 180-day compliance period, the Company's MVPHS closes at $15 million or more for a minimum of ten consecutive business days, the Nasdaq staff will provide written confirmation of compliance and this matter will be closed. If the Company does not regain compliance with the MVPHS Rule by June 18, 2025, the Company will receive written notification that its securities are subject to delisting. In the event the Company receives any such notification, the Company may appeal the Nasdaq's staff determination to delist its securities, but there can be no assurance the Nasdaq staff would grant any request for continued listing. Alternatively, the Company could consider applying to transfer its common stock to The Nasdaq Capital Market. In order to transfer, the Company must submit an application to transfer the listing of its common stock to The Nasdaq Capital Market, pay an application fee and meet The Nasdaq Capital Market's continued listing requirements. The Notices have no immediate effect on the listing of the Company's common stock on The Nasdaq Global Select Market. During the 180-day compliance periods, the Company's common stock will continue to be listed and traded on The Nasdaq Global Select Market. The Company intends to actively monitor the bid price of its common stock and its MVPHS between now and the end of each applicable compliance period and will consider available options to regain compliance with the Minimum Bid Price Rule by June 17, 2025, and the MVPHS Rule by June 18, 2025. There can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price Rule or the MVPHS Rule or that the Company will otherwise be in compliance with the other listing standards for The Nasdaq Global Select Market.