Pineapple Energy (PEGY) stock is witnessing a surge on Tuesday after the company revealed plans to regain compliance with Nasdaq Exchange’s listing necessities. The company has until July 24, 2024, to adhere to the minimum bid rule, as per Nasdaq Exchange. Currently, Pineapple Energy’s shares are being traded for less than 10 cents, resulting in the violation of both minimum bid and low-priced stock rules. To rectify this, Pineapple Energy has devised a plan to enact a reverse stock split, aiming to elevate its shares back above the $1 minimum required for listing on the exchange, and intends to execute this before the July 24 deadline. Before proceeding with the action, Pineapple Energy necessitates approval for the reverse stock split from its shareholders. The company has scheduled its annual shareholder meeting on July 1, where it intends to seek the necessary authorization. If everything goes according to plan, investors will endorse the reverse stock split. The company aims to enact the split by July 11, allowing it the stipulated 10 days to trade above $1 per share and regain compliance before the July 24 cutoff date.
The announcement has triggered a 43.7% surge in PEGY stock on Tuesday morning, accompanied by elevated trading volume reaching 65 million shares, significantly exceeding its daily average of 7 million shares.
This news joins the plethora of other stock market stories that traders need to monitor on Tuesday. Stay informed with the latest stock market updates, including the reasons behind the surge in HWH International (HWH) stock, the biggest pre-market stock movers of the day, and more. Access all of this vital information through the links provided below:
– Why Is HWH International (HWH) Stock Up 43% Today?
– Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
– Why Nio (NIO) Stock Just Hit a 12-Month Low
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