Bruush Oral Care received a notice that it will be delisted from Nasdaq July 31 in accordance with the stock market's listing rules.
The decision comes after Bruush received a letter from Nasdaq's listing qualifications department that the bid price of its common shares had closed below $1.00 per share for 30 consecutive business days and did not comply with listing rules. The company was also told it "did not meet the minimum stockholders' equity requirement, or the alternatives of market value of listed securities or net income from continuing operations for continued listing," according to a July 26 news release.
Nasdaq's listing qualifications department informed Bruush that unless it appealed the decision, the company's common stock would be suspended July 31 and a Form 25 would be filed with the U.S. Securities and Exchange Commission to remove its securities from Nasdaq.
The company said July 26 it intends to appeal the decision and regain compliance with the listing rules.