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Eastside Distilling Announced Receipt of Deficiency Letter from Nasdaq Stock Market

On June 3, 2022, Eastside Distilling received a deficiency letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying Eastside Distilling that, for the preceding 30 consecutive business days, the closing...

Benzinga · 06/09/2022 06:10
On June 3, 2022, Eastside Distilling received a deficiency letter from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") notifying Eastside Distilling that, for the preceding 30 consecutive business days, the closing bid price for Eastside Distilling's Common Stock was below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Requirement"). The notification has no immediate effect on Eastside Distilling's Nasdaq listing. In accordance with Nasdaq rules, Eastside Distilling has been provided a period of 180 calendar days, or until November 30, 2022 (the "Compliance Date"), to regain compliance with the Bid Price Requirement. If, at any time before the Compliance Date, the closing bid price for the Common Stock is at least $1.00 for a minimum of 10 consecutive business days, the Staff will provide Eastside Distilling written confirmation of compliance with the Bid Price Requirement. If Eastside Distilling does not regain compliance with the Bid Price Requirement by the Compliance Date and is not eligible for an additional compliance period at that time, the Staff will provide written notification to Eastside Distilling that the Common Stock will be subject to delisting. At that time, Eastside Distilling may appeal the Staff's delisting determination to a Nasdaq Hearings Panel. Eastside Distilling intends to monitor the closing bid price of the Common Stock and will consider available options if the Common Stock does not trade at a level likely to result in the Company regaining compliance with the Bid Price Requirement by the Compliance Date.