Nasdaq is planning to delist FaZe Clan if their stocks stay below $1. Photo via FaZe Clan.

Nasdaq is planning to delist FaZe Clan if their stocks stay below $1. Photo via FaZe Clan.

FaZe Clan IPO at risk as stock fall below $1

Newsroom Jan 27, 2023

Nasdaq is planning to delist FaZe Clan if their stocks stay below $1.

FaZe Clan drowned in worries about a deficiency notice from the Nasdaq stock trade as the organization's portion cost stays below $1, with potential delisting not too far off on the off chance that things don't pivot.

FaZe opened up to the world on the Nasdaq in 2022 through a SPAC consolidation, starting off with a $1 billion valuation. Their beginning to life as a public organization was promising, arriving at a pinnacle of $20 per share in August, yet from that point forward the worth has dove, sitting at $0.89 per share at the hour of composing.

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There are reasons behind this sharp decline, including guaranteed speculation defaulting and worries about cash close by to cover costs past the ongoing monetary year, as revealed by Forbes. In any case, as the stock keeps on dropping beneath $1, there is a considerably more prominent concern. Nasdaq expects postings to exchange at a worth more prominent than $1 per share, and any organization beneath this for 30 continuous days risks an inadequacy notice.

According to Nasdaq regulations, “If a company trades for 30 consecutive business days below the $1.00 minimum closing bid price requirement, Nasdaq will send a deficiency notice to the company, advising that it has been afforded a ‘compliance period’ of 180 calendar days to regain compliance with the applicable requirements.

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“If a company is unable to resolve its bid price deficiency during the applicable compliance period, Nasdaq Staff will issue a delisting letter,” Nasdaq states. At this point, the company can request a hearing, which will pause the delisting, in order to make an appeal to the exchange..

FaZe will need to stay away from any such inconsistency in any case, however, which requires the stock cost to make a fast circle back. Be that as it may, this concurs with the finish of the half-year 'secure' on FaZe members holding shares, which concurred as a component of the SPAC, meaning they can now decide to strip, which could influence the stock cost and make it dip lower than what it is.

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