Slap On Wrist For CannTrust From NYSE Over Low Stock Price
This is the second time this has happened, the last being December last year. The market jitters over coronavirus aren’t going to make things any easier for them also.
MJ Biz report
The NYSE requires the average closing price of common shares to be at least $1 over a consecutive 30 trading-day period.
As of Feb. 25, CannTrust’s 30 trading-day average was $0.99.
Under NYSE rules, CannTrust can regain compliance at any time during the six-month period if its common shares have a closing price of at least $1 on the last trading day of any calendar month during the period, “and also have an average closing price of at least $1 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.”The Vaughan, Ontario-based company has six months from the receipt of the to notice to regain compliance.
During the period, CannTrust shares will continue to trade on the NYSE.