Information technology consulting company Zanett Inc. on Wednesday said it was granted another 180-day extension from the Nasdaq to regain listing compliance.
The Nasdaq requires listed stocks to maintain a price above $1 per share. Failure to do so can result in delisting. So far this year, Zanett shares traded below $1 until March 4. They have remained above that threshold since then.
Zanett was already granted one 180-day period, until March 15, to regain compliance with the rule. The company now has until Sept. 13 to regain compliance. To do so, the bid price of shares must trade above $1 for a minimum of 10 straight business days. Nasdaq could choose to extend that requirement.
Shares fell 14 cents, or 5.4 percent, to $2.44 in afternoon trading.