Qurate Retail, the formerly high-flying parent of the HSN and QVC shopping networks, has been warned by Nasdaq that it may be delisted from the exchange, the company said in a June 10 filing with the Securities and Exchange Commission (SEC).
The warning was spurred by Qurate’s stock falling below $1 a share for 30 consecutive days, bringing it into noncompliance with the Nasdaq Global Select Market’s listing rules. At press time, Qurate’s stock was trading at 61 cents a share.
To regain compliance, Qurate shares must meet or exceed $1 per share for at least 10 business days prior to Dec. 9. If they don’t, Qurate can apply for an extension of 180 business days, provided it also applies to transfer its listing to the Nasdaq Capital Market.
The company said it intends to monitor the closing bid price of QRTEA and consider its available options to regain compliance.
In related news, moissanite manufacturer Charles & Colvard, which received a similar warning from Nasdaq last June, earlier this month said it has regained compliance with the exchange’s $1-a-share threshold. After instituting a reverse stock split, the company’s shares were trading at $1.70 at press time.
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