ClearSign Technologies Receives Nasdaq Extension for Bid Price Compliance

ClearSign Technologies Corporation (NASDAQ:CLIR) recently disclosed in a Form 8-K filing to the Securities and Exchange Commission that it had received a notification from The Nasdaq Stock Market LLC regarding its bid price compliance status. The notification highlighted a failure to meet the minimum $1 bid price requirement for 30 consecutive business days between March 20, 2024, and May 1, 2024, as stipulated under Nasdaq Listing Rule 5550(a)(2.

However, ClearSign Technologies received a subsequent written communication on October 30, 2024, from Nasdaq allowing the company a 180-day extension to regain compliance with the Bid Price Rule. The extension granted the company until April 28, 2025, to meet the minimum bid price requirement. ClearSign Technologies informed Nasdaq of its intention to achieve compliance by potentially implementing a reverse stock split.

Should the bid price of ClearSign Technologies’ common stock reach or exceed $1 per share for at least 10 consecutive business days before April 28, 2025, the company will regain compliance with the Bid Price Rule. Failure to achieve compliance within the extended timeline may lead to a delisting notification from Nasdaq. In such an event, the company has the option to appeal the delisting determination, although success is not guaranteed.

The company emphasized its commitment to closely monitoring the bid price of its common stock and exploring available strategies to adhere to the Bid Price Rule. Despite Nasdaq’s extension notice, there are no immediate alterations to the listing or trading of ClearSign Technologies’ common stock, which continues to trade under the ticker symbol “CLIR” on the Nasdaq Capital Market.

The accompanying cautionary statement within the Form 8-K filing highlighted forward-looking statements, cautioning that actual results may deviate from anticipated outcomes due to various risks and uncertainties. ClearSign Technologies stated that it would adhere to Securities and Exchange Commission guidelines, updating shareholders on any revisions or developments pertinent to the company’s situation.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ClearSign Technologies’s 8K filing here.

ClearSign Technologies Company Profile

ClearSign Technologies Corporation designs and develops products and technologies to enhance emission and operational performance, energy efficiency, emission reduction, safety, and overall cost-effectiveness of industrial and commercial systems in the United States, the People's Republic of China, and Hong Kong.